He added that a further reduction in rate-hike expectations is required to sustain the momentum.
"Gold is trying to build a base with support in the $3,900-$4,000 range, while numerous levels of resistance await ahead of the big one, which remains the 200-day moving average at $4,485," Hansen said.
Concurrently, financial institutions expect softening demand from key consumption sectors to restrain major price breakouts for the remainder of the year.
J. P.
Morgan projected in a market note that gold prices would be capped at $4,300 per ounce during the third quarter and $4,500 per ounce in the final quarter of the year.
In other precious metals markets, spot silver slipped to around $61.96 and $62.03 per ounce.
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Platinum hovered between $1,635.47 and $1,636.60, while palladium traded between $1,271.75 and $1,275.21.
