* U.S. Q1 GDP data due at 1230 GMT
* Fed's Powell quashes tapering talk
* Dollar off 9-week lows
(Recasts throughout, adds comments, updates prices)
By Sethuraman N R
April 29 (Reuters) - Gold fell on Thursday, giving up early
gains as U.S. Treasury yields rose and the dollar firmed, while
investors awaited U.S. economic data after the Federal Reserve
said it was too early to consider rolling back its support
Spot gold edged 0.3% lower to $1,777 per ounce by
0924 GMT. U.S. gold futures rose 0.1% to $1,776.50 per
"Whenever the U.S. yields have pushed up, gold has gone
lower and we're seeing the effects of that today," said CMC
Markets UK's chief market analyst Michael Hewson.
"Gold's (next) move will be dictated by the U.S data.
Today's Q1 GDP report is important. But it's the jobless claims
numbers that I'm interested in. If they come below 600,000 for a
third week in a row, that will then shift the market consensus
to nonfarm payrolls next week."
U.S. economic growth likely accelerated in the first
quarter, fuelled by massive government aid to households and
U.S. Treasury yields advanced 1.8 basis points
to 1.6486. While, the dollar index rose 0.1%, coming off
Meanwhile, Fed Chair Jerome Powell said on Wednesday that
"it is not time yet" to begin discussing any change in policy
after the U.S. central bank left interest rates and its
bond-buying programme unchanged.
U.S. President Joe Biden also unveiled a sweeping $1.8
trillion package plan for families and education in his first
speech to Congress.
"The gold market lacks confidence. Having reached $1,790
overnight and once again failed to challenge $1,800, the
conviction among traders remain low," said Saxo Bank analyst Ole
Elsewhere, auto-catalyst metal palladium rose 0.7% to
$2,948.53 per ounce, having scaled an all-time peak of $2,962.50
Platinum was steady at $1,218 and silver
gained 0.6% to $26.32 per ounce.
(Reporting by Nallur Sethuraman and Swati Verma in Bengaluru;
editing by Mark Heinrich)