PRECIOUS-Gold edges down, investors cautious ahead of Fed
SINGAPORE, May 1 (Reuters) - Gold inched down on Wednesday, with investors cautious as they wait to see if the U.S. Federal Reserve sticks to its bullion-friendly monetary policy later in the day. FUNDAMENTALS * Spot gold had fallen $2.81 an ounce to $1,473.79 by 0034 GMT. * U.S. gold stood at $1,473.90 an ounce, up $1.80. * The Fed's policy-making committee ends its two-day meeting on Wednesday with a statement that some believe could sound relatively dovish in response to recent weak economic data. * Fears that central banks' money-printing to buy assets will stoke inflation have been a key driver in boosting gold, which rallied to an 11-month high in October last year after the Fed announced its third round of aggressive economic stimulus. * SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.19 percent to 1078.54 tonnes on Tuesday, their lowest since September 2009. * For the top stories on metals and other news, click , or MARKET NEWS * The dollar was pressured on Wednesday ahead of the outcome of the Fed policy meeting, while the euro drifted on expectations for a rate cut when the European Central Bank meets later in the week. * Japan's Nikkei average slipped in early trade on Wednesday, after posting its best April performance in 20 years, hurt by disappointing earnings guidance from semiconductor equipment maker Tokyo Electron Ltd 8035.T. DATA/EVENTS (GMT) 0100 China Official manufacturing PMI 1215 U.S. ADP employment report 1400 U.S. Construction spending 1400 U.S. ISM manufacturing PMI 1800 Federal Reserve's FOMC announces policy decision PRICES Precious metals prices 0034 GMT Metal Last Change Pct chg YTD pct chg Volume Spot Gold 1473.79 -2.81 -0.19 -11.99 Spot Silver 24.24 -0.04 -0.16 -19.95 Spot Platinum 1501.74 -1.76 -0.12 -2.17 Spot Palladium 695.47 0.47 +0.07 0.50 COMEX GOLD JUN3 1473.90 1.80 +0.12 -12.05 2582 COMEX SILVER MAY3 24.26 0.12 +0.48 -19.75 9 Euro/Dollar 1.3174 Dollar/Yen 97.15 (Reporting by Lewa Pardomuan; Editing by Joseph Radford)
- North Korea says Kim's powerful uncle dismissed for 'criminal acts'
- Thai PM calls snap election, protesters press on |
- Protesters fell Lenin statue, tell Ukraine's president 'you're next'
- Singapore hit by rare outbreak of rioting, 27 arrested |
- Venezuela's Maduro to raise pressure on business after local vote