PRECIOUS-Gold dips to six-week low on firm dollar ahead of U.S. Fed meet

* Investors cautious ahead of Tue-Wed FOMC meeting - analysts * U.S. extends tariff exemption by 1 month for major allies (Adds quote, updates prices) By Eileen Soreng BENGALURU, May 1 (Reuters) - Gold prices fell to a six-week low on Tuesday as the dollar firmed near 3-1/2-month highs, with investors awaiting direction on U.S. monetary policy from the U.S. Federal Reserve. Spot gold was down 0.3 percent at $1,310.77 per ounce at 0716 GMT. Prices hit $1,310.01 earlie