Gold prices were trading flat on Tuesday as investors await more clarity on the US interest rate outlook. Prices rose as expectations that the Federal Reserve will keep interest rates on hold for some time to come underpinned investor demand for the precious metal. Gold futures for June 2016 contract, at MCX, were trading at Rs. 29,342 per 10 grams, up by 0.04 per cent after opening at Rs. 29,284 against the previous closing price of Rs. 29,330. It touched the intra-day high of Rs. 29,364 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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