Gold prices gained 0.50 per cent on Monday with key central bank meeting in the week ahead to set the tone. Investors will also be focusing on the outcome of Wednesday’s Fed meeting for clues on the path of future interest rate increases. On Thursday, the Bank of Japan will announce its latest policy views. At the MCX, Gold futures for June 2016 contract is trading at Rs 29,166 per 10 gram, up by 0.50 per cent after opening at Rs 29,092, against the previous closing price of Rs 29,021. It touched the intra-day high of Rs 29,213.
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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