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Gold jumped on Monday as the dollar pared gains and shares turned negative, with investor sentiment boosted by shifting expectations on when U.S. interest rates may rise.
Spot gold climbed to its highest since Dec. 11 at $1,235 and was up 1 percent at $1,234 an ounce.
U.S. gold futures for delivery in February settled at at $1,232.80 an ounce, the highest since Oct. 22.
U.S. nonfarm payrolls data on Friday showed U.S. wages posted their biggest decline in at least eight years in December, even though payrolls increased by a brisk 252,000.
The data added to speculation the Federal Reserve would be cautious in raising rates, which could help non-interest-bearing gold.
"The market is dominated by this ongoing debate about whether the Fed looks at the jobs and the GDP growth or wage inflation and how their focus will impact the timing of interest rates hikes," Societe Generale analyst Robin Bhar said.
"In the meantime there are critical events such as the ECB meeting on monetary easing next week and then the Greek political elections, which could give support to prices at least until the end of the month, due to the need for safe havens."
The dollar rose 0.4 percent against six major currencies, but stood below a nine-year peak hit last week, while European shares rose and oil prices fell to their lowest since April 2009.