Gold regained some ground on Monday as investors snapped up bullion after prices slid to a one-month low, betting on firm safe-haven demand as recession risks linger and with expectations of smaller U.S. interest rate hikes.

Spot gold rose 0.4% to $1,873.12 per ounce by 0959 GMT, after hitting its lowest level since Jan. 6. U.S. gold futures gained 0.6% to $1,872.40.

“Spot gold is seeing some buy the dip action, after being slammed following last Friday’s blockbuster US jobs report,” said Han Tan, chief market analyst at Exinity.

“As long as the Fed isn’t forced to push its benchmark rates much higher than the forecasted 5% peak, such an outlook should ensure that bullion remains in demand.”

Gold prices dropped more than 2% on Friday after data showed U.S. job growth accelerated sharply last month.

But concerns over a slowdown remain, and this is likely to keep demand for gold, considered a safe store of value during uncertain times, on a firm footing this year, analysts said.

The U.S. Federal Reserve last week increased interest rates by a quarter of a percentage point to 4.5%-4.75% after a year of larger hikes.

Gold benefits from low interest rates, which reduce the opportunity cost of holding the zero-yield asset.

However, the “severity” of the moves in the last two days suggests gold might have seen a short-term peak, with prices likely to retreat to the $1,800 level, said Michael Hewson, chief markets analyst at CMC Markets.

Capping gold’s rebound, the dollar index advanced 0.4%, making it more expensive for buyers holding other currencies.

Spot silver rose 0.5% to $22.434 per ounce, while platinum shed 0.2% to $972.53.

Palladium fell 2.8% to $1,578.54.

“Among PGMs, supply disruptions in South Africa due to a deepening energy crisis should help to stabilise prices in the short term,” ANZ said in a note.