• XAU/USD up 0.3% in Asia after rallying to $4640.53, a three-month high

• Boosted by return of debasement trade and technical buying

• U.S. measures aimed at capping long-dated yields sparks rush to safe havens

• Receding Fed rate-hike expectations, global growth concerns underpin gold

• Central bank gold purchases picked up in Q2 after weak Q1, providing support

• Technical picture positive after daily close above 200-day MA at $4515

• 4574, 38.2% of Jan-July drop overcome; next objective 50% retracement @ 4769

• Support 4575-4580, 4515-4525; Fri range 4508-4632, Asia 4594-4640
XAU:

(Krishna Kumar is a Reuters market analyst. The views expressed are his own.)