Gold nearly flat, eyes US jobs data

Gold nearly flat, eyes US jobs data
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First Published: Fri, May 08 2009. 11 37 AM IST
Updated: Fri, May 08 2009. 11 37 AM IST
Mumbai: India’s gold futures were nearly flat on Friday tracking international gold, which retreated below a five-week high hit the previous day as its safe-haven allure waned on view that global economic woes could be easing.
“Gold movement will be decided by the U.S. monthly jobs data...till evening gold should trade in a range,” said an analyst with a Mumbai brokerage.
US employers are expected to have cut 590,000 jobs in April, after slashing 663,000 in March, a Reuters survey estimated.
Job cuts, falling home values and big stock losses led to a drop of $11.1 trillion, or about 18 percent, in US households’ wealth in 2008, Federal Reserve data showed, one of the biggest drags on the global economy.
Lesser number of job cuts will indicate economic recovery.
On Friday, open interest for June gold on MCX was 15,774 lots at 10:56am.
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First Published: Fri, May 08 2009. 11 37 AM IST
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