"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.
