Muhurat trading sees demand for silver

Mumbai: At the start of the new year, the India Bullion and Jewellers Association Ltd (IBJA) on Monday organised a half an hour special muhurat trading session during which 100 kg gold and 600 kg silver were sold.

During the trading, gold was less in demand, while silver shone among the buyers. IBJA's national secretary Suresh Mehta said that compared with last year's muhurat trading, gold and silver were sold at high prices.

However, gold was less in demand and sold at a lesser price than on the day of Dhanteras.

According to IBJA, 24 carat gold sold at Rs 38,666 per 10 gram during Monday's special muhurat session, while it was sold at Rs 38,725 per 10 gram on the day of Dhanteras, a slight decrease.

Silver, on the other hand, saw a decline of Rs 24 per kg. It sold at Rs 46,751 per kg on Monday, while it fetched Rs 46,775 per kg on the day of Dhanteras. Special muhurat trading was conducted from 11.56 am to 12.28 pm on Monday.

"100 kg gold and 600 kg silver was sold during the half hour trading session," Mehta said. On Dhanteras, 30 kg of gold was sold, according to IBJA.

The Indian stock markets were closed on Monday on account of Diwali Balipratipada, which is the fourth day of the Diwali festival.

The wholesale commodity markets, along with metal and bullion, and forex and commodity futures markets were also shut on Monday.