January 28, 2014 / 12:30 AM / 5 years ago

PRECIOUS-Gold steady ahead of Fed; stimulus outlook in focus

SINGAPORE, Jan 28 (Reuters) - Gold was steady on Tuesday
after a sharp slide the session before, with investors worried
the U.S. Federal Reserve could make further stimulus cuts at a
meeting this week.
    
    FUNDAMENTALS
    * Spot gold had risen 0.03 percent to $1,256.79 an
ounce by 0013 GMT, after dropping 1 percent on Monday and
retreating sharply from a two-month high. 
    * The U.S. central bank begins its two-day policy meeting on
Tuesday, with a statement expected on Wednesday. 
    * An improving economy prompted the Fed to cut its
bond-buying stimulus by $10 billion last month, and the bank is
widely expected to reduce by the same amount at this week's
gathering. 
    * The lifting of the stimulus measures would dim gold's
appeal as an inflation-hedge.
    * China's 2013 gold imports from Hong Kong more than doubled
from the previous year to reach a record of more than 1,000 
tonnes as a sharp fall in prices led to unprecedented demand.
 
    * Platinum rose as government-brokered talks between
South Africa's AMCU union and the world's top three platinum
producers ended on Monday with no breakthrough in efforts to end
a strike that has hit half of global output of the precious
metal. 
    * For the top stories on metals and other news, click
, or 
    
    MARKET NEWS
    * Asian shares were pinned near five-month lows on Tuesday
as turmoil in emerging markets and concerns about an economic
slowdown in China took their toll. 
    
    DATA/EVENTS (GMT)
    0700 Germany import prices 
    0745 France consumer confidence 
    0900 Italy consumer confidence 
    1330 U.S. durable goods orders 
    1400 U.S. Case-Shiller home price index 
    1500 U.S. consumer confidence 
    1500 U.S. Richmond Fed composite index 
    Federal Reserve starts two-day policy meeting

    PRICES AT 0013 GMT     
 Metal             Last       Change    Pct chg
                                                  
 Spot gold           1256.79      0.35        0.03
 Spot silver           19.66     -0.02        -0.1
 Spot platinum       1412.75      5.75        0.41
 Spot palladium        719.5      -0.5       -0.07
 Comex gold           1257.1      -6.3        -0.5
 Comex silver          19.69    -0.103       -0.52
                                                  
 COMEX gold and silver contracts show the most
 active months
 
 (Reporting by A. Ananthalakshmi; Editing by Joseph Radford)
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