Gold prices fell by 0.62 per cent on Wednesday with trade data out of China showing a mixed picture after exports unexpectedly soared. In China, March trade data showed a trade balance surplus of $29.86 billion, narrower than the $30.85 billion seen. Exports however jumped 11.5 per cent, handily beating the 2.5 per cent year-on-year gain seen, while imports fell 13.8 per cent, more than the 10.2 per cent decline expected. Gold futures for June 2016 contract, at MCX, were trading at Rs. 29,155 per 10 grams, down by 0.62 per cent after opening at Rs. 29,286 against the previous closing price of Rs. 29,336. It touched the intra-day low of Rs. 29,116 till the trading.
However, a stronger dollar reduced the appeal of gold as an alternative asset. Stronger greenback makes the bullion expensive for those holding other currencies, thus reducing demand.
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