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Gold traders stay away from deals on strike
March 20, 2012 / 9:53 AM / 6 years ago

Gold traders stay away from deals on strike

MUMBAI (Reuters) - Gold traders in India stayed away from new deals on Tuesday as fourth day of jewellers’ strike hit retail demand in the world’s biggest consumer of bullion.

Gold jewellery is on display at a jewellery showroom in Kolkata March 6, 2008. REUTERS/Parth Sanyal/Files

* “Buying is very slow as jewellers have extended their strike for another two days. We have hardly done fresh imports in the last two days,” said a dealer with a private bank, which imports gold for jewellery makers.

* The strike, which started on Saturday and will end on Wednesday, is in protest against two import duty increases since the start of the year.

* “We are idle since last week, and jewellers are in no mood to reopen stores,” said Harshad Ajmera, proprietor of JJ Gold House in Kolkata.

* Gold on the Multi Commodity Exchange was down 0.39 percent at 27,791 rupees per 10 grams. The additional duty will increase the cost of gold by more than 1,000 rupees per 10 grams.

* Silver futures fell more than a percent. Silver for May delivery was 0.84 percent lower at 57,024 rupees per kg.

Reporting by Siddesh Mayenkar; Editing by Rajesh Pandathil

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