Gold prices edged up on Thursday morning in Asia after hitting an 11-day low on Tuesday, as the U.S. dollar traded lower.

Gold futures for December delivery rose 0.31% to $1,205 at 11:30PM ET (03:30 GMT) on the Comex division of the New York Mercantile Exchange.

The U.S. dollar index, which tracks the greenback to a basket of other currencies, fell by 0.11% to 94.97, as British pound and the Euro rose on breakthrough from Brexit talks. The U.S. dollar usually has a negative relationship with gold prices: if U.S. dollar drops, the demand for traditional safe haven asset, gold, will rise.

Carsten Menke, an analyst at Julius Baer, told CNBC that while gold prices are still close to an 18-month low of $1,159.96 per troy ounce last month, its prices are unlikely to drop.

“Gold is showing signs of bottoming,” he said.

Trade tariffs between the U.S. and other countries as well as currencies crisis in emerging markets are backing gold prices, according to Think Markets UK Ltd’s Chief Market Analyst Naeem Aslam.

“The growing frustration towards trade tariffs and what will be the end result of all of this is supporting gold prices. Secondly, there are serious concerns about recession, given that South Africa has slipped into it. If emerging markets start to perform really bad, everyone will catch the cold. This should support the gold price,” he said.