The market is also bracing for further volatility in anticipation of key US economic data that could provide more insights into inflation trends in the US.
Gold prices could also be impacted in the near term by the recent unexpected interest rate cuts by the Chinese Central Bank.
The market will closely watch key US economic indicators this week, including the advance estimate for Q2 GDP growth, personal spending and income data, and the June PCE price index.
Slowing inflation and cooling economic growth could provide further momentum to gold's rebound.
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