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