Gold has risen to a record $4.35 trillion in value after a rally in the second half of last year.
The value of gold has been driven by demand from the Chinese economy, and the expectation that China’s central bank will allow its government to sell off assets to raise money to help repay its debts.
Gold’s recent rally has led to a rally for the US dollar.
Gold rose 0.2% to $4,357.40 an ounce.
US dollar rose 0% to 99.87 US cents.
Gold for silver fell 0.1% to US$1,928.50 an ounce at 2:09am GMT.
For other currencies, the gold-to-silver conversion rate was 0.5% to the US$2.24 per pound.
For the week ending October 5, the value of the gold market was $2.36 trillion, up from $2 trillion on October 4.
For silver, the market was valued at $1.983 trillion, down from $1 trillion on September 30.
For gold, the number of ounces in circulation rose to $2,054.65 billion.
The number of gold bars in circulation, the ratio of gold to silver, rose to 2.1:1.
The gold-silver ratio rose to 6.5:1 on Monday.
On the other hand, the price of gold fell to $1,956.10 an ounce, which was the lowest level since March 8, 2018.
The price of silver also fell.
Gold prices were not affected by the Brexit vote in the UK.
For more on gold, see the BBC News report on the gold rally.
Why gold has surged so high: China’s stock market and property markets are in freefall and its economy is in turmoil.
China has been grappling with its worst downturn in decades.
The economy is shrinking and the country’s property market is at its lowest level in decades, according to the Bank of China.
Its currency has been devalued by half a cent since October and has lost a quarter of its value against the dollar in the past year.
Gold has also fallen sharply, as investors worry about a weaker China.
China’s financial markets also have been hit by the currency devaluation, and its central bank has stepped up efforts to boost the yuan, which is considered more stable.
The country’s stock markets have been on a tear since the election of President Xi Jinping in 2012.
Chinese investors have poured into gold and silver, particularly after the US elections, and gold futures for September traded at a record high of $2120.20 an ounce on Monday, up nearly 50% on the day.
China is also struggling to keep the yuan stable.
Gold is seen as a safe investment because it can be used as a hedge against a devaluation of the currency, and it is often bought by investors for their perceived stability.
Gold also has a place in international trade.
In addition to the United States, China’s biggest trading partner, gold is traded in Japan, Hong Kong, Singapore, Taiwan, Taiwan and Malaysia.
US president Donald Trump, whose administration has taken a hard line on trade with China, has been pushing for the yuan to be pegged to the dollar.