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Gold hit a near four week high early Monday, supported by weaker Asian stocks as investors turned towards safe haven-assets ahead of this week's central bank meetings and Britain's June 23 referendum on its European Union membership.

Often perceived as an insurance against economic and financial concerns, gold has risen 5 percent in June and 20 percent in 2016 so far.

Asian shares and sterling skidded in early trade on Monday and the perceived safe-haven yen rose.

The safe-haven yen surged to its highest level in three years against both sterling and the euro. The dollar lost 0.4 percent to 106.60 yen, edging near one-month low of 106.26 touched last Thursday.

The U.S. Federal Reserve, Bank of England, Swiss National Bank and the Bank of Japan will all meet this week. All are expected to hold monetary policy steady against a backdrop of caution about the global economic outlook as well as the impact about a possible "Brexit."

Gold discounts in India expanded to their widest in nearly 3-1/2 months this week amid lacklustre demand elsewhere in Asia, with bullion's recent rally dampening retail demand.

"The market is full of uncertainty over Brexit and also over the interest rate decision by FOMC (the Federal Open Market Committee) as well as other regional concerns," said Mark To, head of research at Hong Kong's Wing Fung Financial Group. "Gold has been up and $1,300 should be an immediate target at least for the coming week, with $1,240 being the support level."

GOLD TECHNICAL ANALYSIS – Gold prices continue to press upward, with buyers working on a fourth consecutive daily gain to make for the longest winning streak in two months. Near-term resistance is in the 1297.14-1303.62 area (38.2% Fibonacci expansion, May 2). A daily close above that targets the 50% level at 1327.29. Alternatively, a reversal below the 23.6% Fib at 1259.84 sees the next downside barrier at 1236.85, the 14.6% expansion.

Reuters, DailyFX