Gold, silver down on rupee appreciation

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Gold, silver down on rupee appreciation
Gold, silver futures continued downward trend on the Multi Commodity Exchange. Gold futures for October contract on Multi Commodity Exchange was seen trading at Rs 31,554 per 10 grams, lower by 0.10% at 12.45 pm IST.

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. The appreciation in rupee has resulted in the gold prices dropping at retail level.

Indian gold track international prices and any gains in the rupee helps the imported landed cost to get cheaper.

MCX silver futures slipped by Rs 23 per kg, and was trading at Rs 62,791 per kg.

Overseas spot gold was spotted at $ 1,772 an ounce on Friday. Gold posted biggest quarterly gain in more than two years on Federal Reserve Monetary stimulus boosted sentiment for yellow-metal as it is considered hedge against inflation.

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