"If I had money in the bank, I [would] sell the dollars and use that money to buy gold. You are divesting yourself from your currency by selling it and buying a hard asset. People are concerned," said RJO Futures senior market strategist Phillip Streible.
Spot gold in British pounds rallied 2.04% on the day, hitting above GBP £1,208 an ounce during the North American trading session, according to Kitco's aggregated charts.
"There is a lot of risk with the British pound right now. The EU would be the first to go into a complete recession, followed by the British pound," Streible pointed out.
Gold in Japanese yen hit a record high on Monday as well with spot prices jumping more than 1.3% on the day at last trading at JPY ¥155,550.
Spot gold in Canadian dollars was last up 1.83% on the day, hitting a record high of above CAD $1,938 earlier in the session.
Spot gold in Australian dollars was up 2.40%, hitting a new record high of above AUD $2,172 an ounce, according to Kitco's aggregated charts.
Spot gold in the Indian rupees was also at a new record high of nearly Rs ?104,400, up 3.50% on the day.
Gold prices in South African rand were up more than 3% on the day, reach an all-time high of ZAR R21,929.
Other currencies saw massive jumps, including gold in Chinese yuan, up 3.5% at CNY ¥10,360. In euros, gold rallied 1.18% with spot last trading at €1,310 an ounce, according to Kitco's aggregated charts.
"People need stability in China, so they are selling their currency to buy gold. That's why gold futures are going up so strongly," Streible noted.
Even in Swiss francs, spot gold surged over 1% on a daily basis, last trading at CHF1,429.95.
See the whole article here: https://www.kitco.com/news/2019-08-05/Gold-Prices-Hit-All-Time-Highs-Monday-In-These-Currencies.html
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