Gold eased on Wednesday extending sharp losses made in the previous session as investors were sceptical that an informal European Union meeting later in the day would yield steps to help solve the region's debt crisis. Spot gold lost 0.8 percent to $1,555.41 an ounce by 0629 GMT after falling 1.5 percent the previous day. US gold slumped 1.4 percent to $1,555.30, after a 1.3 percent fall in the previous session.