Gold prices gained 0.18 per cent on Thursday after the Bank of Japan surprised markets by keeping monetary policy steady. The BoJ held monetary policy steady, quashing speculation that it would ramp up its already extensive easing program. At the MCX, Gold futures for June 2016 contract is trading at Rs 29,435 per 10 gram, up by 0.18 per cent after opening at Rs 29,350, against the previous closing price of Rs 29,383. It touched the intra-day high of Rs 29,480.
The Federal Reserve left interest rates unchanged on Wednesday and issued a statement implying it was in no hurry to raise rates. "The committee continues to closely monitor inflation indicators and global economic and financial developments," the Fed said following its two-day meeting.
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.
The Federal Reserve left interest rates unchanged on Wednesday and issued a statement implying it was in no hurry to raise rates. "The committee continues to closely monitor inflation indicators and global economic and financial developments," the Fed said following its two-day meeting.
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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