(Reuters) – Gold slipped on Monday after failing to break decisively above resistance at $1,300 per ounce in the previous session, as equity markets regained some ground and the dollar steadied near a three-month peak.

Spot gold was down 0.2 percent at $1,295.81 per ounce at 1311 GMT, while U.S. gold futures slipped 0.3 percent to $1,295.20. Spot prices hit $1,300.61 on Friday, but quickly slipped back below $1,300 an ounce.

“We’re just having a counter-reaction to the run-up on Friday following the U.S. jobs report. Since then, we’ve had a decent recovery in the stock markets and it just removed the initial excitement,” Saxo Bank analyst Ole Hansen said.

Some profit-taking after prices failed to sustain a break above the $1,300 level also weighed on gold, Hansen said.

Equity markets rose on potential economic stimulus from China following their worst week of the year due to a darkening global economic scenario, exacerbated by a weak U.S. jobs report on Friday.

The overall momentum for bullion, often considered a refuge during times of political and economic uncertainty, was positive, analysts said, with the metal having gained about 12 percent since touching over one-and-a-half year lows in August.

“Structurally gold is well positioned to move higher over the coming months. As the world economy continues to slow and uncertainty increases, it’s going to be supportive for gold,” said Jeffrey Halley, a senior market analyst at OANDA.

Adding to slowdown worries, German industrial output fell unexpectedly in January, while the Bank of France trimmed its first-quarter economic growth forecast.

“We’re facing a slowdown… most central banks will go back to stimulating by cutting interest rates,” said Hussein Sayed, chief market strategist at FXTM.

Federal Reserve chairman Jerome Powell said the U.S. central bank does “not feel any hurry” to change the level of interest rates again as it watches how a slowing global economy affects conditions in the U.S.

Adding to the Fed’s case for patient rate hikes, the U.S. economy created only 20,000 jobs last month, the weakest since September 2017.

While U.S. retail sales unexpectedly rose in January, receipts in December were revised down to the weakest since Sept. 2009, when the economy was emerging from recession.

Investors are now eyeing a key Brexit vote in the British parliament on Tuesday.

Meanwhile, palladium was unchanged at $1,514.65 per ounce, while silver was down 0.3 percent at $15.27.

Platinum was down 0.2 percent at $813.20 per ounce, after matching a low since Feb. 19, at $806.50, last touched on Friday.