* Fed meeting minutes due at 1800 GMT
* U.S. job openings rose to 2-year high in February
* Platinum eases after scaling over one-month peak
(New throughout, adds comments, updates prices)
By Shreyansi Singh
April 7 (Reuters) - Gold prices fell on Wednesday as strong
economic data from the United States bolstered hopes of a swift
recovery, with focus also turning to minutes from the Federal
Reserve's last policy meeting for monetary policy cues.
Spot gold fell 0.3% to $1,738.35 per ounce by 10:26
a.m. EDT (1426 GMT). U.S. gold futures were down 0.2% at
"The gold market is looking at an economy that's recovering
much quicker than anyone anticipated, which could change the
stance of the of the Fed going forward," said Jeffrey Sica,
founder of Circle Squared Alternative Investments.
Investors were re-calibrating their expectations on the
Fed's monetary policy, with some investors expecting the Fed to
abandon its pledge to keep interest rates near zero until 2024.
Non-yielding bullion is highly sensitive to higher rates, as
they increase the opportunity cost of holding gold and boost
dollar and bond yields.
Data on Tuesday showed U.S. job openings rose to a two-year
high in February, while strengthening domestic demand helped
hiring amid increased COVID-19 vaccinations and additional
pandemic aid from the government.
"The economic news has been Solid, and has gotten gold
investors to sit back on their heels and wait for a
clarification from the Fed," Sica added.
Minutes from the Fed's March 16-17 policy meeting are due at
The International Monetary Fund raised its outlook for
global economic growth again on Tuesday, forecasting worldwide
output would rise 6% this year, a rate unseen since the 1970s.
Central banks across the globe, in particular the European
Central Bank and the Federal Reserve, want to see higher growth
and inflation numbers before they think about changing monetary
policy, said Commerzbank analyst Carsten Fritsch.
Among other precious metals, silver fell 0.4% to
$25.07 per ounce, palladium was down 1.7% at $2,640.32,
after declining as much as 3.5% earlier.
Platinum eased 0.4% to $1,228.04, having earlier
risen to $1,244.50, its highest since Feb. 25.
(Reporting by Shreyansi Singh and Sumita Layek in Bengaluru;
Editing by Bernadette Baum)