Gold steadies as focus turns to Fed meeting

Gold prices were little changed on Tuesday, ahead of the US 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. US 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 US 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 US-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.