Gold ticked higher on Wednesday on speculative buying driven by hopes the US Federal Reserve may extend its long-term bond-buying programme to stimulate the economy, a move which would boost bullion's appeal as a safe haven.
The Federal Open Market Committee will release a policy statement at the end of its meeting on Wednesday. The current "Operation Twist" programme, which involves buying long-term debt and funding the purchase by selling short-term notes, is scheduled to expire this month. FUNDAMENTALS
* Spot gold rose USD 2.99 an ounce to USD 1,619.59 an ounce by 0016 GMT. Gold jumped to its highest level in 2012 of around USD 1,790 in February after the Fed at the time said it would keep interest rates near zero until the end of 2014 at the earliest.
* US gold futures for August delivery fell USD 2.20 an ounce to USD 1,621.00 an ounce.
* Europe won support from world leaders on Tuesday for an ambitious but slow-moving overhaul of the euro zone, even as pressure built in financial markets for quicker solutions to its debt crisis that threatens the world economy.
* Jewellers in Thailand cashed in gold as global prices extended gains for an eighth consecutive session on Tuesday, while a weaker rupee curbed buying interest in India, the world's main consumer. MARKET NEWS
* Japan's Nikkei share average advanced in early trade on Wednesday, also on growing speculation that the US Federal Reserve will launch a new round of stimulus.
* The euro rallied against the US dollar and Japanese yen on Tuesday, buoyed by positive news out of Greece and as a run-up in Wall Street stocks encouraged investors to take on riskier positions.
* US crude futures steadied on Wednesday around USD 84 a barrel after a gain of 0.9% in the previous session.
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