ANZ Research expects Gold prices to find a floor in the near-term.

"Gold resumed its decline as renewed Middle East tensions revived inflation concerns. Any rebound in energy prices could reinforce expectations that the Fed will keep rates higher for longer, raising the opportunity cost of holding bullion. Swap markets are now pricing more than a 30% chance of a rate hike at the next Fed meeting, up from around 20% last week. Investor appetite is subdued, with gold-backed ETF holdings seeing further liquidation," ANZ notes.

"Structurally, Asia continues is emerging as the new centre for gold investment demand. Hong Kong’s trial launch of a central gold clearing and settlement system this week, alongside closer connectivity with the Shanghai Gold Exchange, should deepen regional market infrastructure and improve access for institutional investors. Together with Singapore’s growing role as a bullion hub, this reinforces the shift of gold trading and demand from West to East, providing structural support for regional gold consumption. We see gold imports in Hong Kong and China staying strong despite weak seasonal demand," ANZ adds.