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Gold prices steady ahead of Fed meeting
Gold prices were steady on Tuesday, with investors waiting for the start later in the session of a two-day Federal Reserve meeting where the U.S. central bank is widely expected to raise interest rates.
Gold prices were steady on Tuesday, with investors waiting for the start later in the session of a two-day Federal Reserve meeting where the U.S. central bank is widely expected to raise interest rates.
FUNDAMENTALS
* Spot gold XAU= had edged down 0.1 percent to $1,202.36 per ounce by 0057 GMT.
* U.S. gold futures GCcv1 were down 0.1 percent at $1,202 per ounce.
* Fed policymakers on Tuesday gather for a two-day meeting that is expected to end with the central bank raising interest rates for the second time in three months.
* The statement from the Fed, due to be released Wednesday at 1800 GMT, will be followed by a briefing at 1830 GMT. [FED/DIARY]
* Investors are also focusing on Wednesday's Dutch elections. The chance of a eurosceptic party coming to power in the Netherlands is seen as small, but a strong election performance could fuel speculation of a surprise result in French presidential elections in April and May.
* Former French Prime Minister Manuel Valls will ask voters to back centrist candidate Emmanuel Macron in the first round of the April-May presidential election, Le Parisien newspaper reported on Monday, citing sources close to Valls.
* British Prime Minister Theresa May has won the right to launch divorce proceedings with the European Union and begin two years of talks that will shape the future of Britain and Europe.
* Holdings of the SPDR Gold Trust (GLD), the world's largest gold-backed exchange-traded fund, rose 0.83 percent on Monday. [GOL/ETF]
U.S. Treasury Secretary Steven Mnuchin will be "pushing hard" to advance U.S. interests in his debut meeting with Group of 20 counterparts this week, including reaffirming commitments to avoid competitive currency devaluations, a senior Treasury official said on Monday.
* China's central bank does not have a "bottom line" for either the yuan exchange rate against the dollar or foreign exchange reserves, a senior official told Reuters in an interview.
* The Bank of Japan is expected to keep monetary policy steady on Thursday and stress that inflation is nowhere near levels that justify talk of withdrawing massive stimulus, as weak consumer spending casts a cloud over an otherwise healthy pick-up in the economy.
DATA/EVENT AHEAD (GMT)0200 China Industrial output Jan0200 China Retail sales Jan0200 China Urban investment Jan1000 Germany ZEW economic sentiment Mar1000 Euro zone Industrial production Jan1000 U.S. NFIB business optimism FebFederal Open Market Committee starts two-day meeting
