--Comex June gold recently trades up $1.40, or 0.1%, at $1,468.80 a troy ounce --Investors cautious ahead of Federal Reserve meeting --Platinum steady after two-week high as South African mine-closure talks extended By Matt Day NEW YORK--Gold futures were near steady Tuesday, with investors reluctant to place large bets on the metal as Federal Reserve policymakers began a two-day meeting. The most actively traded contract, for June delivery, was recently up $1.40, or 0.1%, at $1,468.80 a troy ounce on the Comex division of the New York Mercantile Exchange. Inflation in the euro zone this month fell to the lowest rate in more than three years, the European Union's statistics agency said Tuesday. Some investors buy gold and other precious metals as a hedge against rising prices. Despite the flood of money central banks have pumped into the financial system, price rises in the U.S. and Europe have remained muted, limiting investor appetite for gold. Gold prices have generally pointed higher since the market's record-setting selloff earlier this month, as buyers of gold coins and bars saw a bargain in the retreat to two-year lows. But that momentum slowed as prices marched toward $1,500 a troy ounce as some market participants doubted the demand uptick would outweigh investors' caution toward the metal. On Tuesday, investors were cautious as the U.S. central bank began a two-day policymaking meeting. The Fed's easy-money policies were a key support for gold prices in recent years, as investors sought the metal to guard against the potential inflation that may result down the line. The Federal Open Market Committee meeting "could have some participants on edge as they take positions on whether or not the Fed will come out more dovish," Standard Bank analyst Walter de Wet said in a note. Some recent economic data has suggested a stumble in U.S. economic growth, and gold traders will be watching to see if the Fed reflects that in its statement on Wednesday. Platinum's recent rally stalled Tuesday as the largest producer of the metal said its mine closure talks with South African government and labor leaders would take another week. Anglo American Platinum Ltd. (AMS.JO), which accounts for about 40% of the world's platinum production, entered a consultation period with South Africa's Department of Mineral Resources in January. Anglo Platinum had hoped to announce the outcome of those talks by the end of April. The proposed closures would trim global platinum production by about 7% and push global supply of the metal below anticipated demand. Platinum is used in jewelry and in devices that scrub emissions from automobile exhaust. Platinum futures for July delivery, the most actively traded contract, was recently up 20 cents at $1,507.60 a troy ounce. Futures on Tuesday settled at a two-week high.

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