PRECIOUS-Gold retreats as U.S. yields rise; eyes on U.S. GDP data

* U.S. Q1 GDP data due at 1230 GMT
* Fed's Powell quashes tapering talk
* Palladium scales all-time peak of $2,963.07/oz

(Updates prices)
By Sethuraman N R
April 29 (Reuters) - Gold fell on Thursday, giving up early
gains as U.S. Treasury yields rose ahead of U.S. economic data,
while persistent supply concerns pushed palladium to an all-time
peak.
Spot gold XAU= edged 0.3% lower to $1,776 per ounce by
1204 GMT. U.S. gold futures GCv1 rose 0.1% to $1,776.10 per
ounce.
"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 non-farm payrolls next week."
U.S. economic growth likely accelerated in the first
quarter, fuelled by massive government aid to households and
businesses. U.S. Treasury yields US10YT=RR advanced to 1.66,
increasing the opportunity cost of holding non-interest paying
gold.
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
Hansen.
Elsewhere, auto-catalyst metal palladium XPD= rose 0.7% to
$2,948.15 per ounce, after hitting a record high of $2,963.07 on
concerns of a deficit in the market. Platinum XPT= eased 0.1% to $1,218.05 and silver XAG=
gained 0.7% to $26.34 per ounce.