The precious metal Gold inched higher in price to a one-week high on Wednesday as it built on the previous session's gains on growing hopes for further U.S. stimulus and ahead of a closely watched Federal Reserve policy decision.

Accordingly, Spot gold was up 0.1 percent at USD 1,855.71 per ounce by 0323 GMT, after hitting its highest since Dec. 9 at USD 1,857.89. U.S. gold futures rose 0.3 percent to USD 1,860.30.

As per IG Market analyst Kyle Rodda, the markets are just craving anything in terms of a U.S. stimulus package and news that some bipartisanship emerged last night marginally lifted inflation expectations, benefiting gold.

Investors now await the Federal Reserve's final policy statement of the year, due at 1900 GMT, where it is expected to keep interest rates pinned near zero and signal where rates are headed in the coming years.

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