PRECIOUS-Gold extends gains on Fed meeting and geopolitics

* Spot gold needs to break above $1,322 -analyst * U.S. delegation in Beijing on Thursday and Friday * Investors await U.S. non-farm payroll data on Friday (Recasts throughout; updates prices; adds comment, byline, NEW YORK to dateline) By Renita D. Young and Eric Onstad NEW YORK/LONDON, May 3 (Reuters) - Gold prices gained on Thursday, one day after the U.S. central bank reassured investors that increases to interest rates would be gradual and as the U.S. dollar softened,