Wednesday, 21 March 2012

MCX Gold Traders Stay Away From Deals On Strike

"MCX Today Tips"

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. More Information About MCX Today Tips please visit the site

* "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 MCX Gold House in Kolkata.

* MCX Gold on the Multi Commodity Exchange was down 0.38% at Rs 27,792 per 10 grams. The additional duty will increase the cost of gold by more than Rs 1,000 per 10 grams.

* Silver futures fell more than a percent. Silver for May delivery was 0.85% lower at Rs 57,025 per kg.

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