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MCX gold for August delivery opened lower at Rs 29,920 against Saturday's close of Rs 29,977.
Rupee appreciated by one per cent to 56.62. This may lead to further fall in gold prices.
MCX gold August contract may trade between Rs 29,700 and Rs 29,800 per 10 gram.
US gold spot price was at $1,572 a troy ounce at 11.30 am.
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