PRECIOUS-Gold steadies as focus turns to Fed meeting

  • 4/27/2021
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April 27 (Reuters) - Gold prices were little changed on Tuesday, ahead of the U.S. Federal Reserve"s monetary policy meeting, while palladium was pinned below a record peak scaled in the previous session. FUNDAMENTALS * Spot gold was steady at $1,780.86 per ounce by 0057 GMT. U.S. gold futures were little changed at $1,780.10 per ounce. * Palladium was steady at $2,924.93 per ounce, after hitting an all-time high of $2,941 on Monday. * The dollar index inched up against its rivals, making gold more expensive for other currency holders. * Market participants are now looking at the U.S. Fed"s two-day policy meeting, which ends on Wednesday, and while no major policy changes are expected, investors will pay close attention to Chairman Jerome Powell"s outlook on the economy. * Japan"s central bank is expected to maintain its massive stimulus on Tuesday and project inflation missing its 2% target for years to come, as fresh curbs to combat a spike in COVID-19 cases overshadow the boost to growth from solid global demand. * New orders for key U.S.-made capital goods rose solidly in March and shipments surged, cementing expectations that economic growth accelerated in the first quarter as massive government aid and improving public health boosted demand. * More than 147.23 million people have been reported to be infected by the novel coronavirus globally and 3,249,168​ have died, according to a Reuters tally. * India ordered its armed forces on Monday to help tackle surging new coronavirus infections, as nations pledged urgent medical aid to try to contain an emergency overwhelming the country"s hospitals. * Silver fell 0.1% to $26.19 per ounce. Platinum was up 0.3% at $1,247.90. DATA/EVENTS (GMT) 1400 US Consumer Confidence April N/A Japan JP BOJ Rate Decision April 27 Federal Reserve"s Federal Open Market Committee starts its two-day meeting on interest rates (Reporting by Shreyansi Singh in Bengaluru; Editing by Krishna Chandra Eluri)

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