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Gold rebounds from two-week low; Trump-Zelenskyy meeting in focus

Gold rose after hitting a two-week low, supported by lower U.S. Treasury yields as investors awaited U.S. President Donald Trump's meeting with Ukrainian President Volodymyr Zelenskyy and European leaders to discuss a peace deal with Russia, APA reports citing Reuters.

Spot gold gained 0.5% to $3,350.55 per ounce, as of 0353 GMT on Monday, after hitting its lowest level since August 1.

U.S. gold futures for December delivery rose 0.4% to $3,396.90.

"Gold was on the back foot to start the day, but...was able to reverse course with buyers stepping up to around $3,330 as a value play. U.S. treasury yields gave up some of Friday's gains which also helped to make life easier for the gold price," KCM Trade chief market analyst Tim Waterer said.

Meanwhile, benchmark 10-year U.S. Treasury yields eased from more than two-week high level.

Investors are also looking ahead to the Federal Reserve's annual symposium in Jackson Hole, Wyoming.

Economists polled by Reuters largely expect the Fed to announce a rate cut in September, its first this year, with a possible second cut by the year-end.

Non-yielding bullion, considered a safe-haven assets during periods of uncertainity, tends to perform well in low-interest-rate environment.

Elsewhere, spot silver rose 0.4% to $38.13 per ounce, platinum gained 0.4% to $1,341.35 and palladium was up 0.6% to $1,118.80.

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