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.