PRECIOUS-Gold climbs as dollar retreats as U.S. Fed meeting begins

* Dollar slips as yen rebounds on BoJ stimulus view

* Fed begins two-day meeting, statement due Wednesday

* Palladium rises to nine-month high

(Updates prices; adds comment, NEW YORK dateline, byline)

By Marcy Nicholson and Jan Harvey

NEW YORK/LONDON, July 26 (Reuters) - Gold rose on Tuesday as

the dollar fell, but remained hemmed into a range at the start

of a two-day U.S. Federal Reserve policy meeting which is being

closely watched for clues on the outlook for U.S. interest

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