April 30 (Reuters) - Gold edged up on Tuesday as Asian shares fell ahead of the release of a raft of economic data and the U.S. Federal Reserve's two-day meeting which will decide the trajectory of interest rates.
FUNDAMENTALS
* Spot gold XAU= was up 0.2 percent at $1,281.95 per ounce at 0123 GMT.
* U.S. gold futures GCv1 were up 0.2 percent at $1,283.90 an ounce.
* Shares in Asia fell on Tuesday morning despite another record high close for the S&P 500, as investors look to a U.S. Federal Reserve statement due Wednesday for signs the central bank will continue a "patient" approach to interest rate policy. MKTS/GLOB
* Growth in China's factory activity unexpectedly slowed in April, an official survey showed on Tuesday, suggesting the economy is still struggling to regain traction despite a flurry of support measures. The market is now eyeing a bevy of economic data from the euro zone and the Fed's statement on Wednesday.
* The Federal Reserve is expected to hold interest rates steady as policymakers balance recent stronger-than-expected U.S. economic growth against sluggish inflation. China's net gold imports via main conduit Hong Kong in March rose 9.8 percent from the previous month, Hong Kong government data showed on Monday. Australia-based Newcrest Mining Ltd's NCM.AX gold production in the third quarter came in about 5 percent lower than in the prior quarter, hurt by lower production at most of its operations, including its flagship Cadia mine. Newmont Goldcorp Corp NEM.N said on Monday it plans to suspend operations at its Peñasquito mine in Mexico due to a blockade by a trucking contractor and some members of the Cedros community. Palladium XPD= fell by 7 percent on Monday to $1,361.50 an ounce, but recovered some ground to settle at $1,370.50. Palladium was up 0.3 percent at $1,374.51 an ounce on Tuesday.
DATA AHEAD (GMT)
* 0530 France GDP Preliminary QQ
Q1
* 0645 France CPI (EU Norm) Prelim YY April
* 0755 Germany Unemployment Chg SA
April
* 0755 Germany Unemployment Rate SA
April
* 0900 EU
GDP Flash Prelim YY QQ Q1
* 0900 EU
Unemployment Rate
March
* 1200 Germany CPI Prelim YY
April
* 1200 Germany HICP Prelim YY
April
* 1400 U.S.
Consumer Confidence
April
U.S. Federal Reserve's Federal Open Market Committee to commence its two-day meeting on interest rates