NEW YORK ( TheStreet ) -- Gold prices ended higher Monday as U.S. dollar volatility battled with safe-haven buying.

Gold for February delivery rose $5.20 to $1,374.10 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,376.40 and as low as $1,365 during Monday's session.

The U.S. dollar index was down 0.31% to $80.88 while the euro added 0.19% to $1.29 vs. the dollar. The spot gold price was up $3.70, according to Kitco's gold index.

Gold prices struggled for most of the trading day trying to break out of their recent downward trend. Prices lost 3.6% in the first week of the new year as investor optimism, a stronger dollar and profit-taking weighed on the yellow metal.

But gold managed to eke out gains Monday after failing to get a boost from Friday's disappointing jobs number. A teetering Portugal would also be expected to bring out the safe-haven seekers but instead prices are lackluster at best.

"The overall trends are strong so the likely path ahead is that the dips will attract buying," says William Adams, head of research at "The question being how far will prices fall before the buyers return in force."

"What's going to happen I believe," says David Morgan, the founder of, "is that you'll see enough pain in the market, enough of a pullback for a long enough time frame that ... those who were late to the market .... once they give in ... that's what it takes to hit the bottom and move up again."

Morgan thinks this move could take as long as June, but he thinks gold will find its bottom before then propped up by global uncertainty.

As Morgan says, the overall macro picture should be supportive of high gold prices. The European Union is trying to convince Portugal to take bailout money from the International Monetary Fund and EU after the European Central Bank threw the country a bone by buying its bonds. According to a report in Reuters, the country would need $64.5 billion to $129.1 billion, in line with what Ireland took.

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