The price of gold hit a new record high, driven up by a weaker US dollar and continuing tensions in the Middle East and North Africa.
Spot gold rose as high as $1,513.70 (£917.60) an ounce during early trading in Asia, before retreating.
Investors have been buying the precious metal as a safe haven investment to guard against inflation and recent geopolitical turmoil.
Dealers say gold could even trade as high as $1,520 an ounce.
Monday was the seventh consecutive trading session that saw the price of gold rise.
'Dollar play'"It's the dollar play," said a Singapore-based dealer. "There is more room for prices to go even higher."
A weak US dollar generally correlates with higher gold prices, as both are seen as safe investments.
On Wednesday, the chairman of the US Federal Reserve, Ben Bernanke, is expected to affirm the commitment of America's central bank to quantitative easing, a programme to flood money markets with liquidity.
That also tends to drive down the value of the greenback.
Analysts say the prospect of low interest rates in the US is driving investors seeking higher returns towards gold.
"Investors expect the Fed to continue with low rates, which means the dollar could be even weaker, unless there were game-changing comments from Bernanke," said Ong Yin Ling of Phillip Futures.
Investors continue to react nervously to the uncertainty in the Middle East. An escalation in violence in Yemen and Syria over the weekend has also helped the price of gold strengthen.
Gold is not the only precious metal enjoying a rally, as silver is also on the rise.
Spot silver, sometimes called the poor man's gold, hit $47.88 an ounce, the highest price since 1980.
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