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Gold and silver on the Multi Commodity Exchange opened higher and went up by 0.2 per cent in Muhurat trading on Sunday, to trade in the first hour at Rs 29,885 per 10g and silver to Rs 48,763 a kg.
The sentiment remained bullish because of a five per cent decline in gold prices last week, while most traders remained cautious because of the prevailing premium of around Rs 1,000 per 10 g in the spot market, amid expectation of government action in terms of import duty reduction.
In the bullion segment, mini silver of 1 kg unit size remained the preferred choice for traders. The total turnover in the first hour was Rs 1,123 crore. Traders expected total turnover to step up to hit last year's level of Rs 14,821 crore on the MCX.
A total of 692 members participated on Sunday’s Muhurat trades. The total turnover stood at Rs 1590.96 crore, with gold accounting for the most (Rs 653 crore), followed by silver (Rs 333 crore).
