Gold, silver shed gains on MCX; rupee weighs

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Gold, silver shed gains on MCX; rupee weighs
Gold futures reversed gains witnessed in the previous sessions and was seen trading lower on the Multi Commodity Exchange as an appreciation in the rupee weighed on gold sentiment.

Gold futures at the MCX, for October 2012 contract, was trading at Rs 31,690 per 10 gram, lower by 0.70%. The metal opened at Rs 31,885, against a previous close of Rs 31,913.

The partially convertible Indian rupee appreciated on Friday and was seen trading at Rs 53.45 per dollar. The rupee plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars.

MCX silver futures slipped by Rs 220 per kg, and was trading at Rs 64,142 per kg. Spot silver on MCX was trading at Rs 62,000 per kg.

Spot bullion on the MCX was seen lower at Rs 31,676 per 10 grams, while Delhi spot gold of 99.9% and 99.5% purity was at Rs 32,310 and Rs 32,110 per 10 grams, respectively.

Overseas spot gold reversed the previous losses and was seen trading firm at $ 1,774 an ounce.

As per PTI reports, the Central Board of Excise and Customs (CBEC) has lowered the import duty on gold bars, gold coins having gold content not below 99.5 per cent and gold findings, other than imports of such goods through post, courier or baggage.

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