PRECIOUS-Gold steady ahead of Fed outcome
SINGAPORE, July 30 (Reuters) - Gold was steady on Tuesday as traders shied away from taking big bets ahead of a key Federal Reserve meeting beginning later in the day.
* Spot gold had edged up 0.05 percent to $1,327.61 an ounce by 0007 GMT. It fell 0.5 percent on Monday as investors took profits after three weeks of gains.
* U.S. gold dropped about $1 to $1,327.50.
* The Fed starts its two-day policy meeting on Tuesday and is expected to release its latest statement on Wednesday afternoon. The U.S. central bank is widely expected to reaffirm its near-zero interest rate stance.
* The meeting should also provide clues on when the central bank will start dialling back its $85 billion monthly bond purchases.
* Gold premiums in India, the world's biggest buyer, jumped to $25-30 an ounce on London prices due to the scarcity of the metal ahead of a series of festivals and import restrictions.
* Precious metals miner Polymetal, part-owned by Russian billionaire Alexander Nesis, said it would write down the value of assets by up to $340 million because of a steep fall in the price of gold.
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* The dollar drifted off a five-week trough against a basket of major currencies on Tuesday as the euro faltered ahead of chart resistance and a three-day rally in the yen lost a bit of steam.
DATA/EVENTS (GMT) 0600 Germany GfK consumer sentiment 0900 Euro zone Business climate 1145 U.S. ICSC weekly chain store sales 1200 Germany CPI 1300 U.S. S&P/Case-Shiller home price index 1400 U.S. Consumer confidence N/A Federal Open Market Committee begins two-day policy meeting
Precious metals prices 0007 GMT
Metal Last Change Pct chg YTD pct chg Volume Spot Gold 1327.61 0.62 +0.05 -20.72 Spot Silver 19.82 0.01 +0.05 -34.54 Spot Platinum 1437.99 -1.51 -0.10 -6.32 Spot Palladium 739.72 -2.28 -0.31 6.90 COMEX GOLD AUG3 1327.50 -0.90 -0.07 -20.78 759 COMEX SILVER SEP3 19.83 -0.03 -0.17 -34.57 401 Euro/Dollar 1.3258 Dollar/Yen 98.17
COMEX gold and silver contracts show the most active months
(Reporting by A. Ananthalakshmi; Editing by Joseph Radford)