Re rise takes sheen off precious metals

Gold in the national capital on Monday dipped Rs 199 to Rs 46,389 per 10 gram amid a correction in global precious metal prices along with rupee appreciation. In the previous trade, the precious metal had closed at Rs 46,588 per 10 grams. Silver also dipped Rs 250 to Rs 62,063 per kilogram from Rs62,313 per kilogram in the previous trade. The Indian rupee appreciated 31 paise to 73.38 against the US dollar in opening trade on Monday, tracking a positive trend in domestic equities. In the international market, gold was trading lower at $1,814 per ounce and silver was flat at $23.99 per ounce. Gold futures fell Rs262 to Rs 47,276 per 10 gram on MCX as speculators reduced their positions amid low demand. On the Multi Commodity Exchange (MCX), gold contracts for the October delivery traded lower by Rs 262, or 0.55 per cent, to Rs 47,276 per 10 gram in a business turnover of 11,290 lots.