Gold prices fell by 0.21 per cent on Wednesday as investors sought the sidelines ahead of next week's Federal Reserve review of interest rates in its two-day meeting on April 26-27. Although the Federal Reserve is not expected to raise short-term interest rates at the meeting, the US central bank could provide hints on whether it will approve a rate hike at a subsequent meeting in June.
Gold futures for June 2016 contract, at MCX, were trading at Rs. 29,264 per 10 grams, down by 0.21 per cent after opening at Rs. 29,324 against the previous closing price of Rs. 29,326. It touched the intra-day low of Rs. 29,227 till the trading. (At 12.40 PM today). 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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