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PRECIOUS-Gold gains after U.S. Fed maintains accommodative stance

    April 29 (Reuters) - Gold prices rose on Thursday bolstered
by the U.S. Federal Reserve's pledge to maintain easy monetary
policy to aid economic recovery, while a weaker dollar provided
further support. 
    
    FUNDAMENTALS
    * Spot gold        was up 0.2% at $1,784.94 per ounce by
0101 GMT, having dipped to $1,762 in the previous session, its
lowest since April 16. U.S. gold futures        rose 0.6% to
$1,784.50 per ounce.
    * The dollar index        edged 0.1% lower against its
rivals, boosting gold's appeal for other currency holders.
      
    * The Federal Reserve held interest rates and its
bond-buying program steady on Wednesday after its two-day policy
meet despite taking a rosier view of the U.S. economic recovery.
                
    * Fed Chair Jerome Powell also said the coming price
increases would almost surely be of a passing nature, and not
present the sort of persistent problem that would force the
central bank to begin raising interest rates sooner than
expected.
    * U.S. President Joe Biden plans to unveil a sweeping $1.8
trillion package for families and education in his first speech
to Congress.             
    * Gold tends to benefit from widespread stimulus measures
from central banks because it is viewed as a hedge against
inflation.
    * Meanwhile, the U.S. trade deficit in goods jumped to a
record high in March, suggesting trade was a drag on economic
growth in the first quarter, but that was likely offset by
robust domestic demand amid massive government aid.             
    * Autocatalyst metal palladium        edged up 0.3% to
$2,936.10 per ounce, having scaled an all-time peak of $2,962.50
on Tuesday.
    * Silver        gained 0.6% to $26.34 per ounce. Platinum
       was up 0.3% at $1,222.93. 
            
DATA/EVENTS (GMT)
0755  Germany Unemployment Chg, Rate Sa  April
0900  EU      Consumer Confid. Final     April
1200  Germany CPI, HICP Prelim YY        April
1230  US      GDP Advance                Q1
1230  US      Initial Jobless Clm        Weekly

 (Reporting by Shreyansi Singh in Bengaluru; Editing by Krishna
Chandra Eluri)
  
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