Major Asian markets higher, Gold back above $1220 mark

Asian markets are trading on a mix note on the start of a new week. In addition Gold fails to break key support level at $1212 and supported above $1220 levels. Japanese yen is consolidating below 114.87 levels. Today Chinese stocks opened with heavy losses after the PBoC devalued the Yuan for the fifth-consecutive day and set the Yuan reference rate at 6.5452 on Monday. PBoC also injected 240 billion Yuan via open market operations.

Japan's benchmark Nikkei 225 index traded 0.41% higher at 16,255.17 points after a few hours of trade, while the broader Topix index pared early gains to trade 0.60% in the black at 1,319.14 points.

Shanghai Composite traded 3.53% lower at 2,669.54 points early on, while Hong Kong's Heng Seng index fell 0.74% to 19,221.28 points. Kospi index was traded 0.40% higher at 1920 points.

Australia's S&P/ASX 200 index rose 0.58% to 4,908.93 points on Monday afternoon in Sydney, while New Zealand's S&P/NZX 50 index traded 0.45% higher at 6,252.75 points.