India spot gold demand took a hit on Friday as prices were ruling higher tracking foreign cues, dealers and traders said.
"At these levels we don't see any demand ...prices should stay below $900 to attract buyers," said Ajit Shinde, director of Magna Projects, larger trader in Kolkata.
International spot gold prices, which influence local prices, edged above $910 per ounce on Friday, but stayed below a five-week high of $925.15 hit the previous day as its safe-haven allure waned on view global economic woes could be easing. See
Gold's movement will be decided by the U.S. monthly jobs data due later on Friday, analysts said. U.S. 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 U.S. households' wealth in 2008, one of the biggest drags on the global economy, Federal Reserve data showed .
Lesser number of job cuts will indicate economic recovery.
"Even if employment scene improves prices may not fall below $900 levels," said a dealer with a private bank.
