MCX Muhurat Trading: Gold and Silver futures sizzle

Source :Sify
Author :Finance Desk
Last Updated: Thu, Nov 4th, 2021, 19:31:19hrs
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MCX

Mumbai: Bullion, especially Silver, seems to be the favorite among commodity traders trading on the Muhurat Trading window of the MCX (Multi Commodity Exchange).

Silver futures traded to a 2.60 percent gain in the one hour special trading window on the BSE. Silver futures were reportedly trading at Rs 64,090 per kilo.

Energy commodities such as Crude Oil, EnergyX, Natural Gas and Bulldex were the other favourites.

Copper which traded to a high of 737.65 or a gain of 1.25 percent during the trading window was the second favoured bet among metals.

Gold futures expiring for December traded 1.17 percent higher to quote Rs 47,548. GoldM and Gold Petal were up by over 1 percent each.


On the MCX Heatmap, Cotton (down by 0.06%), Mentha Oil (down by 0.28%), Zinc (down by 0.90%) and Aluminium (down by 2.08 percent) were among the losers.

Bullion's appreciation on the MCX comes in stark contrast to retail markets were Gold and Silver prices saw a slip. The slip was in line with the price affixed by the London Bullion Market Association and domestic associations across India.

In international markets, the US Spot Gold traded to a high of $1,793.25 after bond yields slipped. The market behaviour was on expected lines as anxious investors awaited for the US Federal reserve's commentary on interest rates and tapering of the monthly bond purchase program.

Traders indicated that Gold could have appreciated further in the likelihood of a change in interest rate policy although the US Federal Reserve has indicated going ahead with the tapering starting from December onwards.

Leading analysts believe that Gold could breach the $1,800 mark which corresponds to 48,000 levels on the MCX.

Similar to the MCX, the Bombay Stock Exchange too organized a one hour special Muhurat trading window for investors On Thursday. The BSE Sensex saw a 300 point bump with M&M and Kotak Mahindra Bank among the leaders category. None of the stocks on the BSE Sensex declined on opening.

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