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* Markets nervous ahead of Fed
* Sterling/gold at record, Aussie/gold at 1-yr highs
* Coming up: U.S. FOMC policy decision, 1630 GMT (Updates throughout with comment, prices)
By Amanda Cooper
LONDON, June 22 - Gold reversed losses and ralliedfor a third day on Wednesday, driven by investors takingpositions ahead of a U.S. Federal Reserve meeting that couldyield a downbeat view of the world's largest economy.
The Fed's two-day meeting ends on Wednesday and the centralbank is widely expected to repeat its commitment to keeping U.S.interest rates low, but without fanning any expectations for athird round of quantitative easing.
Gold was tempered earlier by the Greek government survivinga confidence vote in parliament on Tuesday, which marks thefirst of three steps it must take to secure emergencylending from the European Union and the IMF.
But anticipation of a possibly bearish note from the Fedprompted a flurry of buying that pushed gold in dollars tosession highs, gold in Australian dollars to its highest inalmost a year and sterling-priced gold to a new record peak.
Spot gold quoted in dollars was last up 0.7 percentat $1,556.89 by 1500 GMT after having fallen earlier by as muchas 0.4 percent to a session low of $1
anemones wholesale toronto ,541.10.
The market seems to be willing to be rather long than shortahead of the Fed, and obviously combined, if you put ineverything in Europe and the still-accommodative policy in theU.S. together, it seems as if the bias must be to the upside togold," said Standard Bank analyst Walter de Wet.
"While we are seeing good physical selling in gold on theserallies, in general still, the buying outweighs the selling inthe physical markets," he said.
Gold in sterling hit a record high after minutesfrom the Bank of England's recent meeting showed somepolicymakers raised the issue of more quantitative easing tosupport the flagging British economy.
"It's a reminder that central banks can do more. I thinkwith the Fed
anemones wholesale toronto , some gold investors see a bigger chance of QE3than maybe the wider market, so perhaps it's the gold investorsyou have to be looking for rather than the wider market. They'remore sensitive to these things," said Mitsubishi analyst MatthewTurner.
"The general tone is that QE won't happen," he said. "Thecurrency aspect is important when there is nothing else goingon. The potential for a Greek default and the Fed meeting aremore important directly (for gold) than their impact on thecurrency."
Gold in Australian dollars rose by as much as half a percentto a session peak of A$1,467.54 an ounce
anemones wholesale toronto , its highest sinceearly July last year
Cheap NHL Jerseys its chiefexecutive said on Tuesday., while gold in euros was flat onthe day at 1
anemones wholesale toronto ,073.02 euros an ounce, off a recent record1,088.11 euros, while the euro itself was flat against thedolla
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