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Gold rose for the second straight session on Monday, after falling in the preceding eight, buoyed by post-holiday buying in China, while a slowdown in U.S. job growth bolstered expectations that U.S. interest rate hikes would only be gradual.

The possibility of a near term rate hike weighed on gold much of last week but the U.S. jobs data brought some relief and prompted an almost immediate rally, HSBC analyst James Steel said in a note.

Gold rallied 25 percent in the first half as ETF holdings surged, and the increase in assets last week signaled there’s still demand for the metal even as some investors anticipate higher U.S. borrowing costs. While futures now indicate a 64 percent chance of a hike in December, the ETFs have expanded to 2,046.4 metric tons, the highest since June 2013.

Prices posted their biggest weekly slump in three years after hawkish comments from multiple Fed officials ignited concern that the central bank will soon raise U.S. interest rates. Investors are bracing for more declines, cutting their bets on a bullion rally by the most since late May.

Open interest in gold futures is slumping. Prices for silver, platinum and palladium have also declined. Higher rates reduce the appeal of precious metals as a store of value. A resilient U.S. job market and gains for the service economy have signaled that expansion can continue even if rates rise, curbing the need for haven assets.