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Gold trade remains dull on bank strike

Gold trade remains dull on bank strike
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First Published: Fri, Aug 07 2009. 02 15 PM IST
Updated: Fri, Aug 07 2009. 02 15 PM IST
Mumbai: India’ gold trade remained lacklustre on Friday as most banks, who are primary sellers of gold, entered into their second day of strike, dealers said.
“Demand is dull as banks are on strike,” said a dealer with a state-run bank in Mumbai.
India’s state-run banks remained shut on Friday as a nationwide strike by their employees demanding higher wages and pensions entered the second day.
Gold demand is expected to pick up this month as traders would seek to replenish stocks to meet festive and wedding demand.
Gold prices on the Multi Commodity Exchange traded slightly higher supported by a weak rupee, with traders awaiting the US jobs report to gauge the health of the economy.
The most-traded October contract was 0.15% higher at Rs14,937 per 10 grams at 1:31pm.
The Indian rupee extended its drop in line with lower domestic shares but losses in the dollar versus majors overseas prevented a further sharp fall. A weak rupee makes the dollar quoted gold expensive.
A Reuters poll of economists forecast 320,000 jobs were slashed last month, fewer than the 467,000 workers laid off in June, but the unemployment rate was expected to climb to a 26-year high of 9.6%.
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First Published: Fri, Aug 07 2009. 02 15 PM IST
More Topics: Markets | India | Gold | Commodity | Bullion |