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Gold neared a one-month high on Monday on the back of a decline in the U.S. dollar.

KONTAN.CO.ID - LONDON. Gold neared a one-month high on Monday on the back of a decline in the U.S. dollar, with investors awaiting economic data that could influence the path of Federal Reserve policy tightening. 

Spot gold was up 0.3% at $1,771.19 per ounce by 1419 GMT, having earlier hit its highest since July 5 at $1,774.95. U.S. gold futures rose 0.3% to $1,786.90. 

Gold has more room to the upside given "major issues with Russia, Ukraine and China" and as the dollar runs into some resistance, said Daniel Pavilonis, senior market strategist at RJO Futures. He added that interest rates are still the biggest factor for gold and even if the Fed is not done raising rates, it is taking a pause. 

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