Gold prices approached a one-month high, as a weaker dollar helped the metal regain momentum following a swift selloff late last year, says Dow Jones.

Spot gold rose 0.24% to $1,171.39 per troy ounce in midmorning trade in Europe, the highest price since Dec 7.

Gold is up about 1.68% since trading began for the year on Tuesday, after a swift decline in the gold price following the U.S. election in November nearly wiped out 2016's gains.

The WSJ Dollar Index fell by 0.14% on Thursday. A weaker dollar typically helps gold prices rise, because it makes the metal more affordable for investors who hold other currencies.

This morning, the New York futures for Brent fell 0.34% to $ 56.27 and WTI crude oil futures were down -0.21% to $ 53.15. Thus, the black gold prices drop slightly, correcting after yesterday's rally. Today, there are fears that the growth of oil production in Libya is able to neutralize the OPEC agreement. According to some reports Libian National Oil Corp. currently produces about 700,000 barrels per day. According to statements by the Libyan authorities in the last month, the country plans in 2017 to increase production twice.

(raw materials / closing price /% change)

Oil 53.35 +0.17%

Gold 1,164.20 -0.09%