By Deborah Levine, MarketWatch NEW YORK (MarketWatch) -- Gold touched a one-month high on Monday then gave up the small advance, following a paring of gains by U.S. stocks and crude oil as investors adjusted expectations for economic growth around the world. Gold for April delivery recently traded at $1,121.20 an ounce, down $1. It earlier touched $1,131.50, the highest in a month. The move was part of a bigger shift in the willingness of investors to buy more so-called risky assets, including stocks and oil, on expectations that the global economy is improving. The weighed on the dollar and boosted the euro, which also tends to drive interest in gold as an alternative investment. See more on currencies. "Stronger euro sentiment kept gold supported," said analysts at thebulliondesk.com. "The gains have fizzled out as the euro as lost traction and suggests the currencies will continue to provide short-term direction." The dollar index (DXY 80.45, -0.10, -0.12%) , which tracks the greenback against a trade-weighted basket of six major currencies, slipped to 80.497, from 80.617 late Friday. U.S. stocks opened higher, with the Standard & Poor's 500 Index (SPX 1,107, -1.99, -0.18%) rising about 0.1%. Analysts said investors have pared back bets that the Federal Reserve is closer to raising its target borrowing rate after making a minor technical change last week to an emergency rate for banks. They will be looking for more clarify when Fed Chairman Ben Bernanke addresses congress later this week. Crude for March delivery was up slightly at $80 a barrel, after touching the highest since mid-January in earlier trading. See more on crude oil.

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