Gold, silver continue to slip on MCX; rupee weighs

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Gold, silver continue to slip on MCX; rupee weighs
Gold, silver futures continued to slip 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 31,258 per 10 gram, lower by 0.29%. The metal opened at Rs. 31,290 against the previous closing price of Rs. 31,349.

The partially convertible Indian rupee appreciated on Friday and was seen trading at Rs 52.59 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 75 per kg, and was trading at Rs 62,980 per kg. Spot silver on MCX was trading at Rs 61,557 per kg.

Spot bullion on the MCX was seen lower at Rs 31,356 per 10 grams.

Overseas spot gold was seen trading firm at $ 1,781 an ounce. Gold sentiment was boosted as Spain's reform plans eased worries about lingering eurozone debt crises.

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