Fading expectations for a U.S. Federal Reserve rate hike have driven prices sharply higher so far this month. Gold has rallied 6 percent since U.S. payrolls data for May came in weaker than expected on June 3, crushing expectations for an interest rate hike over the summer.
"Following the labor market report a Fed rate hike has been priced out for June and July, and at the same time it seems as if odds for the UK to leave the European Union have come back up again," Danske Bank analyst Jens Pedersen said. "Those two factors are benefiting gold."
Fears Britain is on the verge of voting to leave the European Union next week spread through global financial markets on Monday, sending global stock markets lower. The dollar fell 0.22 percent against a basket of major currencies.
"Gold has fluctuated in line with the Brexit opinion polls, even dislocating it from its usual primary link with the U.S. dollar," Citi said in a note on Monday.
The Fed, Bank of England, Swiss National Bank and Bank of Japan will all meet this week, and are expected to hold monetary policy steady.