India gold steady; physical traders await US data | business | Hindustan Times
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India gold steady; physical traders await US data

business Updated: Apr 01, 2011 16:12 IST
Multi Commodity Exchange

India 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 20,692 rupees per 10 grams at 2:56 pm.

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 20,600-20,900 rupees.

"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.