A $59.1 billion Swiss bank sold half its gold holding, even as the precious metal breaks to new record highs

• Swiss private bank Lombard Odier said it sold half its gold position despite its surge to record levels.
• The bank's chief economist Samy Chaar said: "We see a bit of vulnerability at the current price levels."
• He said the negative economic outlook in the US was not sustainable and real interest rates will eventually recover, something which could keep gold prices volatile. 
• Gold reached its highest level ever on Monday after a surge in virus cases and a diplomatic row between US and China showed no signs of abating. 
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A private bank overseeing almost $60 billion in assets sold half its gold holding even as the precious metal surged to its highest level yet ever, with the bank's top economist saying there may be some "vulnerability" in future price levels. 

Samy Chaar, chief economist at Swiss lender Lombard Odier, told CNBC's Squawk Box Europe, Monday: "We see a bit of vulnerability at the current price levels. We like gold it is part of our strategic asset allocation."

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