Gold prices dip on firm equities, focus shifts to Fed decision

Bengaluru - Gold prices eased on Wednesday on overnight gains in U.S. equities, with a May Day lull gripping most Asian markets ahead of a closely monitored Federal Reserve decision on the outlook for U.S. interest rates.

Having been pressured earlier by slightly downcast findings from Chinese business surveys, global shares edged up on Tuesday after U.S. President Donald Trump agreed with Democratic leaders to spend $2 trillion on infrastructure. "There is no need for inflation hedges in the gold market ," said Michael McCarthy, chief market strategist, CMC Markets.

The euro zone reported stronger-than-expected economic growth for the first quarter, easing some pessimism over the euro and jolting the economic bloc's common currency higher against the dollar on Tuesday.Most market players are looking to the culmination of a two-day meeting by the U.S. Federal Open Market Committee , which will likely determine the path of U.S. interest rates, at least for this year.

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