June 10, 2020 / 1:52 AM / a month ago

REFILE-PRECIOUS-Gold firms as equity rally loses steam; Fed eyed

 (Corrects spelling of Reserve in second bullet)
    June 10 (Reuters) - Gold prices held firm on Wednesday as a
dip in equity markets boosted some demand for the safe-haven
metal while investors await the end of the U.S. central bank's
meeting for its remarks on state of the economy and clues on
future measures.
    
    FUNDAMENTALS    
    * Spot gold        was up 0.1% at $1,715.94 per ounce by
1257 GMT. U.S. gold futures        were flat at $1,721.50.
    * A U.S. Federal Reserve statement is due at 1800 GMT on
Wednesday.
    * The Fed will publish their first economic projections
since the coronavirus pandemic set off a recession in February,
estimates expected to signal a collapse in output this year and
near-zero interest rates for the next few years.             
    * Asian equities slipped on Wednesday after most U.S. stocks
pared gains made during their recent rally, although the Nasdaq
benchmark rose to a record high for the second consecutive day.
           
    * Layoffs in the U.S. fell in April, while hiring hit an
all-time low, suggesting the labour market could take time to
recover despite a surprise rebound in employment in May.
            
    * A fall in household spending and investment pulled down
euro zone gross domestic product in the first quarter, the
European Union's statistics office said.                 
    * SPDR Gold Trust      , the world's largest gold-backed
exchange-traded fund, said its holdings dipped 0.1% to 1,124.60
tonnes on Tuesday.          
    * Palladium        climbed 1.2% to $1,963.20 per ounce and
silver        was flat at $17.60, while platinum        fell
0.3% to $834.46.
    
    DATA/EVENTS (GMT)
0130  China  PPI, CPI YY  May
1230  US     CPI MM, SA   May
1800  US     Federal Open Market Committee announces 
its decision on interest rates followed by statement
    

 (Reporting by Harshith Aranya in Bengaluru; Editing by Shailesh
Kuber)
  
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