Gold Prices End Two-Week Slide Amid Technical Buying

Gold prices have ended their two-week losing streak as technical buying around the $4,000 per ounce level helped the metal withstand renewed inflation fears and rising oil prices.

The spot gold price rose by 0.1 percent to settle at $4,052.98 per ounce, while gold futures gained the same margin to close at $4,055.25 per ounce.

The modest weekly gain masks a volatile period for bullion, which had fallen to levels last seen in early November before rebounding after finding support below $3,960 per ounce.

The price action has placed the Federal Reserve's monetary policy decision firmly at the centre of the gold market outlook, according to David Morrison, senior market analyst at Trade Nation.