(Reuters) – Gold inched up on Monday although safe-haven demand remained subdued, after prices fell to a more than one-month low in the last session as an unexpected jump in U.S. employment boosted hopes for a swift economic recovery.

Spot gold was up 0.1% at $1,682.57 per ounce by 0351 GMT. U.S. gold futures rose 0.5% to $1,691.40.

Bullion dropped as much as 2.4% to $1,670.14 on Friday after data showed U.S. nonfarm payrolls rose by 2.509 million jobs last month – in contrast with consensus estimates of a fall of 8 million jobs.

“The narrative around the unemployment data presents a whole smorgasbord of risks to gold going forward, and the upside is going to be quite limited,” said Stephen Innes, chief market strategist at financial services firm AxiCorp.

“Gold is going to struggle to clear the $1,700 level again.”

The strong jobs data bolstered demand for risky assets like stocks, which advanced on Monday.

Market participants are now waiting for the U.S. Federal Reserve’s two-day policy meeting ending on Wednesday, though they have stopped pricing in the possibility that the Fed will adopt negative rates after the surprise recovery in employment.

Gold prices have gained more than 11% so far this year as central banks across the globe cut interest rates and unveiled massive stimulus to support the coronavirus-damaged economy. However, they have shed about 4% since hitting a seven-year peak in May amid hopes for a quicker-than-expected economic recovery.

Reflecting investor sentiment, holdings of the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, dipped 0.4% to 1,128.11 tonnes on Friday.

Speculators also cut their bullish positions in COMEX gold, and increased them in silver contracts in the week to June 2, the U.S. Commodity Futures Trading Commission said on Friday.

Among other metals, silver was up 0.6% at $17.47 per ounce and palladium rose 0.7% to $1,965.92, while platinum declined 2% to $819.25.