Gold trades highest in seven weeks

Gold prices on Monday’s trade stood around the highest in nearly seven weeks on account of global headwinds. 
 
This was because tensions on the Korean peninsula boosted safe haven demand for the metal and the US dollar hovered close to multi-month lows.
 
Spot gold hit its highest since June 14 at USD 1,270.98 in early trade, but was steady on the day at USD 1,268.55 per ounce at 0238 GMT. It gained about 1.1% last week in its third consecutive weekly gain.
 
US gold futures for August delivery on Monday inched up 0.03% to USD 1,268.80 per ounce.

In domestic markets, gold prices during last week recorded the biggest discount in seven months as a rebound in prices trimmed retail demand, while lower premiums in other Asian centres failed to lure customers amid a seasonal slowdown.