Jan 31 (Reuters) - Gold prices were on track for their
first monthly decline in four as investors toned down their
estimate of rapid and deeper rate cuts in the U.S. on the face
of a resilient economy, and awaited remarks from the Federal
Reserve due later in the day.
        
    FUNDAMENTALS
    * Spot gold        was flat at $2,035.09 per ounce by 0141
GMT on Wednesday, after touching a two-week high of $2048.12 in
the previous session.
    * Spot prices have dropped 1.3% so far this month.
    * U.S. gold futures         rose 0.2% to $2,034.60.
    * Traders priced in about 130 basis points (bps) of Fed rate
cuts for this year, down from bets of more than 160 bps at the
end of 2023, according to LSEG's interest rate probability app
IRPR. 
    * Money market pricing shows that the chances of a March
rate cut have dropped to 43%, from about 90% a month ago.
    * The dollar index        was on track to mark its best
month since September, with an over 2% gain so far in January. 
    * Yields on benchmark U.S. Treasury notes             were
at a two-week low of 4.0261%, but still higher than the year-end
close of 3.8600%.
    * Market focus will shift to Fed's statement at the end of
its two-day policy meeting at 1900 GMT, where it is expected to
leave rates unchanged, which is followed by a news conference by
Chair Jerome Powell at 1930 GMT.
    * Data on Tuesday showed that U.S. job openings unexpectedly
rose in December while U.S. consumer confidence increased to a
two-year high in January.
    * Spot silver        fell 0.2% lower to $23.12 per ounce,
platinum        was steady at $920.57, and palladium       
edged 0.1% lower to $975.49. All three were also poised for a
monthly decline.

    
DATA/EVENTS (GMT)
0130  China     NBS Manufacturing PMI    Jan
0500  Japan     Housing Starts           Dec
0700  UK        Nationwide house price   Jan
0745  France    CPI Prelim               Jan
0830  Hong Kong GDP Advance              Q4
0855  Germany   Unemployment rate        Jan
1300  Germany   CPI Prelim               Jan
1315  US        ADP National Employment  Jan
1330  US        Employment Costs         Q4
1330  Canada    GDP MM                   Nov
1445  US        Chicago PMI              Jan
1900  US        Fed Funds Tgt Rate       --
1930  US        Fed's Powell speaks      --

    

 (Reporting by Harshit Verma in Bengaluru; Editing by Sherry
Jacob-Phillips)