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Metal Gold price JUMPs High 1 month after break above $1,300/oz

Spot gold was up 1.7 percent at $1,317.74 an ounce at 1213 GMT, while U.S. gold futures for August delivery were up $24.90 an ounce at $1,317.80.Gold hit its highest in a month on Monday as a retreat in the dollar pushed prices through tough resistance at $1,300 an ounce and as fears abated that the U.S. Federal Reserve will soon curb monetary easing. 

Buying gathered momentum after prices beat chart resistance at $1,300 an ounce, a level they repeatedly tried and failed to break in the last month. That took gold to a peak of $1,322.50, its highest since June 20. Analysts have slashed their 2013 gold and silver price forecasts after sharp falls earlier this year and expect them to remain weak in 2014 as the United States reins in monetary stimulus, a Reuters poll showed on Monday.