Mumbai - Taking cue from the bullish international markets, gold and silver traded sharply up during early hours of the first session of thee week on the Multi Commodity Exchange (MCX) Monday. While April gold futures soared Rs 333/10gm to new record high, silver futures accumulated Rs 580/kg.

In Asia, risk aversion boosted spot gold prices three per cent to a record USD1,032.35 a troy ounce Monday, following a record slump in the dollar against the euro and expectations of a substantial interest rate cut at Tuesday's Federal Reserve meeting. At 09.17 am IST, spot gold was at USD1,024.90/oz, up USD22.40 on the New York Friday close.

On Friday the US gold futures extended historic highs as the metal functioned as a safe haven and alternative currency while the US dollar continued to weaken and fresh credit-market turmoil emerged. Most-active April gold rose USD5.70 to settle at USD999.50 an ounce after extending its contract high to USD1,009 on the Comex division of the New York Mercantile Exchange. Comex May silver rose 23.5 cents to USD20.655 an ounce.

Benchmark MCX April gold opened up slightly by Rs 11 at Rs 13,046/10gm. The contract saw movement between Rs 13,046 and Rs 13,397/10gm. At 11.08 am IST, the gold contract was trading up sharply by Rs 333 at Rs 13,368/10gm. Benchmark MCX May silver opened up by Rs 52 at Rs 26,800/kg. The contract later fluctuated between Rs 26,800 and Rs 27,499/kg. At 11.20 am IST, the silver contract was trading up sharply by Rs 580 at Rs 27,328/kg.