Spot gold climbed 1.8% to $1,934.62, a new record after an escalation in the geopolitical dispute between the United States and China, which affected the dollar and threatened to hit the global economy even harder. Gold has climbed 28% this year. The dollar is losing its appeal as a refuge. The dollar depreciated on Monday to a nearly two-year low against the EUR, which rose 0.9% to $1.18. In a similar vein, the Yen gained 0.8%.