Gold rises in Asian trade, climbing from around $4,000 an ounce in mid-July to approximately $4,600 an ounce, returning to levels last seen in May. The rebound is supported by renewed investment demand and growing unease over the U.S. fiscal outlook, according to ING strategists in a note. The prospect of larger Treasury buybacks has refocused attention on U.S. government borrowing and fiscal credibility. "It has also revived concerns about currency debasement, reinforcing gold's appeal as a store of value," they add.

Spot gold gains 0.3% to $4,617.49 an ounce.