SINGAPORE(BullionStreet): Gold remained steady in Asian trade Wednesday ahead of a key policy announcement by the US Fed.

Gold for immediate delivery was seen trading at $1664.15 an ounce at 12.00 noon Singapore time while US gold for February delivery was at $1663.51 an ounce.

Analysts said the precious yellow metal is likely to extend gains during the day on a weaker dollar and downbeat U.S. economic data.

The US Fed is expected to keep up $85 billion in monthly bond buying until unemployment rates drop significantly, they added.

On Tuesday,gold futures finished higher, rebounding from a four-session pullback as February delivery rose $7.90, or 0.5%, to settle at $1,660.80 an ounce on the Comex division of the New York Mercantile Exchange.

Silver for March delivery rose 40 cents, or 1.3%, to end at $31.18 an ounce. Prices had tallied a four-session loss of 2.4%, or more than $40 an ounce.