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PrintGold futures rose for the first time in three days on Friday, as investors returned to the market to seek cheap valuations in wake of recent losses.
On the Comex division of the New York Mercantile Exchange, gold futures for February delivery gained 0.79% on Friday to settle the week at USD1,234.60 a troy ounce.
Gold prices fell to a session low of USD1,219.50 a troy ounce earlier in the day, the weakest level since December 6.
Futures were likely to find support at USD1,211.20 a troy ounce, the low from December 6 and resistance at USD1,267.30, the high from December 10.
The February contract plunged 2.57% on Thursday to settle at USD1,224.90 a troy ounce after stronger-than-expected U.S. retail sales data underlined expectations the Federal Reserve will start tapering its bond-buying program at its next policy meeting.
The central bank is scheduled to meet December 17-18 to review the economy and assess monetary policy.
Gold prices have largely tracked shifting expectations as to whether the Fed would start unwinding its USD85-billion-a-month asset-purchase program by the end of the year.
On the week, Comex gold prices edged up 0.45%.
Expectations for a small reduction in the pace of the Fed's USD85 billion-a-month asset purchase program at its upcoming policy meeting were boosted after stronger-than-forecast U.S. retail sales data for November released on Thursday added to signs that the economic recovery is deepening.
An agreement on a two-year U.S. budget deal was also seen as removing an obstacle to the winding back of monetary stimulus.
Gold is down approximately 27% this year, heading for the first annual loss in 13 years, as solid U.S. economic data underlined expectations the Fed will begin curbing stimulus.
In the week ahead, investors will be focusing on Wednesday's outcome of the Fed's monthly policy meeting, and a press conference with Chairman Ben Bernanke will be closely watched.
Elsewhere on the Comex, silver for March delivery ended Friday's session 0.78% higher to close the week at USD19.60 a troy ounce. Comex silver prices ended Thursday's session down 4.44% at USD19.45 a troy ounce.
March silver futures inched up 0.4% on the week. The precious metal is down approximately 36% this year.
Meanwhile, copper for March delivery rose 0.5% on Friday to close the week at USD3.312 a pound. Earlier in the session, prices of the industrial metal rallied to USD3.319 a pound, the highest since November 1, amid growing optimism over the health of the U.S. economy.
On the week, Comex copper prices advanced 1.93%, the fourth consecutive weekly advance.
Market players looked ahead to key Chinese manufacturing data due on Monday to gauge the strength of the economy. The Asian nation is the world's largest copper consumer, accounting for almost 40% of world consumption last year.
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