Gold prices in India, the world's biggest buyer of bullion, eased on Wednesday as fatigue set in, a day after Akshaya Tritiya, a key gold-buying festival.
The most-active gold for June delivery on the Multi Commodity Exchange (MCX) was down 0.15% at Rs 28,829 per 10 grams, after hitting a two-month high of Rs 28,944 during trade the previous day.
"Sales have slowed today as the auspicious timings have ended," said Kumar Jain, vice chairman of Mumbai Jewellers Association.
Sales on Tuesday for Akshaya Tritiya, the second biggest gold buying festival after Dhanteras, are estimated to have fallen by a half to 10 tonnes this year on high prices and as inflation crimped savings.
Overseas gold held around $1,641 per ounce on Wednesday, underpinned by stronger equities, but investors were also looking for hints of another round of quantitative easing when the US Federal Reserve ends its two-day meeting.
The Fed is due to release a statement outlining its views on policy and the economy at about 1630 GMT, followed by a news conference by Fed Chairman Ben Bernanke, who is likely to be peppered with questions on the chances of more easing.
