Market concerns about the increase in COVID-19 cases globally are estimated to be a factor in strengthening gold prices on Monday (19/7).

"Technically, the spot gold price still has the potential to rebound to the area near US$1,825 per troy ounce as long as the price stays above the support range of US$1800 per troy ounce," said Commodity Observer Ariston Tjendra in Jakarta.

The spot gold price at the end of last week was pressured down by US$17 per troy ounce and closed at US$1,812 per troy ounce triggered by the strengthening US dollar after the country's economic data, retail sales in June showed better than projected results.

"Consumption is the largest part of US GDP. Solid US economic growth coupled with rising inflation that exceeds the target opens opportunities for tightening US monetary policy in the near future," he said.