Gold prices fell by 0.40 per cent on Wednesday as investors awaited central bank reviews in the US today and Japan on Thursday to set the tone. Investors remained cautious ahead of the Federal Reserve's latest interest rate decision following the completion of its two-day April meeting at the middle of this week. Gold futures for June 2016 contract, at MCX, were trading at Rs. 29,304 per 10 grams, up by 0.35 per cent after opening at Rs. 29,246 against the previous closing price of Rs. 29,202. It touched the intra-day high of Rs. 29,316 till the trading.
Further, a weaker dollar raised the appeal of gold as an alternative asset. Weaker greenback makes the bullion cheaper for those holding other currencies, thus increasing demand.
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