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Gold steady; physical traders await US data

Gold steady; physical traders await US data
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First Published: Fri, Apr 01 2011. 03 37 PM IST
Updated: Fri, Apr 01 2011. 03 37 PM IST
New Delhi: Gold may remain steady for the second day on Friday as physical traders awaited the US payroll report due later in the day before taking any positions.
The most-active gold for April delivery on the Multi Commodity Exchange was flat at Rs 20,692 per 10 grams at 2:56pm.
Haresh Acharya, head of bullion desk at Parker Agrochem, said there was “no extraordinary buying in the market”. He expects gold to trade in the range of Rs 20,600-20,900.
“Market is quiet and is expected to remain as we all are waiting for US jobs data, non-farm payrolls report,” said Murukesh Kumar, senior analyst at JRG Wealth Management.
The US economy probably recorded a second straight month of solid job growth in March, when non-farm payrolls rose by 190,000, according to a Reuters poll, proof the labor market has turned the corner after lagging the broader economic recovery.
Banks, the primary dealers of gold, were shut for a bank holiday.
The high demand period, when a lot of weddings are scheduled, is currently underway in India, which imported a record of a little over 900 tonnes during last year.
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First Published: Fri, Apr 01 2011. 03 37 PM IST
More Topics: India | Gold | Commodity | Bullion | Dollar |