A slowdown in the world's second-biggest economy continues to weigh on demand for the metal.

China's economic growth is expected to slow to a near 30-year low of 6.2% this year, a Reuters poll showed.

Price momentum and structural economic reforms in India and China will also be key demand drivers.

Global holdings in gold-backed ETFs and similar products grew by 127 tonnes (equivalent to $5.5 billion in inflows) in June.

The backdrop for miners is ready to brighten in the second half of this year.

Bullion has rallied to a six-year high in 2019 as investors bet on rate cuts by the Federal Reserve.