Gold prices in India traded higher on the Multi Commodity Exchange (MCX) Thursday amid a muted trend in the international spot prices. Silver prices also traded higher.

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At 10:55 am, gold futures for February delivery rose 0.58 percent to Rs 50,800 per 10 grams as against the previous close of Rs 50,509 and opening price of Rs 50,740 on the MCX. Silver futures traded 0.25 percent higher at Rs 69,590 per kg. The prices opened at Rs 69,585 as compared to the previous close of Rs 69,417 per kg.

“Democrats winning the US Senate election and additional stimulus which is expected to levy some support for the safe haven, Gold. On the MCX, gold prices are expected to trade higher in today’s session,” said Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking.

International gold prices edged lower on Thursday as firmer Treasury yields eclipsed support from a Democrat sweep in Georgia Senate runoffs that boosted hopes for more stimulus, a Reuters report said.

Spot gold eased 0.1 percent to $1,916.77 per ounce, after declining more than 1.5 percent in the previous session. US gold futures climbed 0.5 percent to $1,918.40.

Increasing the opportunity cost of holding non-interest bearing gold, the 10-year US Treasury yield remained firm after rising above 1 percent for the first time since March on January.

According to Gupta, traders can buy gold at Rs 50,500 levels with the stop loss of Rs 50,200 levels for the target of Rs 51,100 levels. They can also buy silver at Rs 69,200 levels, with the stop loss of Rs 68,400 levels and for the target of Rs 70,500 levels.

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