10-09-2018 05:40 PM
Gold prices traded flat without much movement on Monday morning trade in Asia after a week of gains.Demand for gold has increased over the past few weeks upon fear of a huskilyshoot up trade war between the U.S. and China and ongoing currency crises in various promising markets from Turkey to Argentina.
Gold futures have been moving up and down the $1,200 mark since declining below that point in mid-August and touching an 18-month low on August 18, as traders looked to continued bull runs in US equity markets and a strong dollar.
Gold has gained some momentum over the past couple of weeks and the constantunpredictability in budding market currencies is helping drive demand. Purchases of physical gold increased in Asia last week;chiefly in India where gold is a popular gift during the upcoming festive season.
Demand in India was to a certain extent driven by the ongoing fall in the rupee, which is trading at all-time lows against the US dollar.