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PRECIOUS-Gold holds steady as investors await Fed decision

July 31 (Reuters) - Gold was mostly unchanged in early Asian trade on Wednesday as investors awaited the outcome of a U.S. Federal Reserve meeting at which policymakers are expected to cut interest rates for the first time since the financial crisis.

FUNDAMENTALS

* Spot gold was little changed at $1,428.54 per ounce as of 0114 GMT.

* U.S. gold futures were steady at $1,441.50 an ounce.

* Investors are bracing for the Fed's policy announcement due later in the day, for which markets have already fully priced in a quarter of a percentage point rate cut.

* Markets will also be watching for guidance on whether the Federal Open Market Committee's expected move is a one-time cut or the beginning of a rate-cutting cycle.

* U.S. consumer spending and prices rose moderately in June, pointing to slower economic growth and benign inflation that cemented expectations of Fed rate cuts.

* U.S. President Donald Trump reiterated his call for the Fed to make a large interest rate cut, saying he was disappointed in the U.S. central bank and that it had put him at a disadvantage by not acting sooner.

* The dollar index against a basket of six major currencies stood little changed on Wednesday after hitting a two-month high in the previous session.

* Asian shares weakened in early trade on Wednesday, rattled by fresh trade war concerns following threats from President Donald Trump to Beijing.

* Trump warned China against waiting out his presidency before finalizing a trade deal, saying if he wins re-election in November 2020, the outcome could be no agreement or a harsher one.

* British pound remains near a 28-month low hit the previous day on growing concerns about a disorderly Brexit. Prime Minister Boris Johnson promised on Tuesday to lead Britain out of the European Union on Oct. 31 "no matter what."

DATA AHEAD(GMT)

* 0100 China NBS Manufacturing PMI July

* 0900 EU GDP Flash Prelim YY QQ Q2

* 0900 EU Unemployment Rate June

* 1800 US U.S. Federal Reserve's Federal Open Market Committee (FOMC) announces its decision on interest rates followed by a statement

* 1830 US Federal Reserve Chairman Jerome Powell holds news conference

(Reporting by Brijesh Patel in Bengaluru; editing by Richard Pullin)