Gold price increased on a weaker U.S. dollar. Speculation that the Fed may not raise its interest rates this year weighed on the greenback.

Atlanta Fed President Dennis Lockhart repeated on Monday that the interest rate hike by the Fed this year is still possible.

Chicago Fed President Charles Evans said on Monday that the interest rate hike should be very gradual when the Fed will start raising its interest rates. Evans noted that he is not confident if the inflation target in the U.S. will be reached "within a reasonable time frame".

December futures for gold on the COMEX today rose to 1168.60 dollars per ounce.