Secondly, gold is trading at a small backwardation -- when a futures price falls below the expected value of a commodity -- which suggest tightness in the market, Norman said, explaining that backwardation is rare for the gold market, and "certainly indicates something is afoot of a bullish nature."
"Thirdly physical demand is looking good," Norman added.
Menke, meanwhile, wasn't as optimistic. "Longer-term, we...maintain a bearish view against the backdrop of sound growth, higher interest rates and muted inflation."
Gold previously hit a five-and-a-half-year low back in July, according to Reuters data
"If we do get a September rise, we see it heading back to $1,050," Turner said
But there could be a could be a gradual rise in its wake. "Our analysis of previous Fed tightening cycles shows that they're not so bad for gold actually," he added.