Gold is recovering but remains below $1,900 amid interest concerns

Gold prices recovered some of their losses on Monday, but the strength of the dollar and fears that the Federal Reserve may continue to raise interest rates kept the yellow metal below the key level of $ 1900 an ounce.

And by 0540 GMT, spot gold rose 0.6 percent to $ 1876.61 an ounce, after reaching its lowest level since January 6 earlier in the session.

US gold futures rose 0.7 percent to $1,888.80.

The dollar index rose 0.2 percent, making gold less attractive to buyers holding other currencies.

Data on Friday showed job growth in the United States accelerated sharply last month, with non-farm payrolls rising by 517,000 jobs, well above an estimate of 185,000. The unemployment rate fell to 3.4 percent, its lowest level in 53 and a half years.

As for other precious metals, the spot silver price rose 0.5 percent to $22.47 an ounce, platinum rose 0.1 percent to $973.45, and palladium rose 0.3 percent to $1,628.63.