Gold dips below one-month high

LONDON, Jan 12 (Reuters): Gold retreated from a one-month high on Monday, as the dollar and shares rose, but doubts over the likely timing of an increase in US interest rates this year were seen likely to bolster investment demand in the short term.
US 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.
Spot gold climbed to its highest since December 11 at $1,231 an ounce, before edging 0.3 per cent lower to $1,219.00 by 1258 GMT. The metal posted its biggest weekly gain since June last week at 2.9 per cent, snapping a three-week decline.