Gold ends five-session losing streak

Gold futures on the COMEX division of the New York Mercantile Exchange rose slightly Wednesday, snapping a five-session losing streak as oil prices rebounded sharply amid uncertainty about how soon the U.S. Federal Reserve would raise interest rate in its policy announcement.

The most active gold contract for February delivery rose 0.2 U. S. dollar, or 0.02 percent, to settle at 1,194.5 dollars per ounce.

The Fed's monthly meeting of the Federal Open Market Committee (FOMC) ended Wednesday as traders spent the day debating how soon the Central Bank would raise short-term interest rates. The Fed will release its minutes later this month.

Gold futures, however, found support from WTI Crude Oil which jumped sharply Wednesday by almost 4 percent amid upbeat U.S. inflation data.

A report released by the U.S. Department of Commerce showed the consumer price index falling by 0.3 percent in November. This was supportive to gold, while giving the Fed more reason to keep monetary policy loose for the time being.

A firming dollar kept a cap on gold's gains on Wednesday. Commodities such as gold that trade in dollar are often hurt by a stronger greenback.

Silver for March delivery added 17.6 cents, or 1.12 percent, to close at 15.928 dollars per ounce. January delivery gained 3 dollars, or 0.25 percent, to close at 1,199.5 dollars per ounce.