Gold strikes two-year high on Brexit vote

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Gold prices surged Friday to the highest level in more than two years following Britain’s shock decision to leave the European Union.

The precious metal spiked as high as $1,359.08 per ounce – the highest level since March 19, 2014 – before settling at $1,318.80 around 0650 GMT.

Investors flocked to the traditional haven investment on fears over the global fallout from Britain’s decision to withdraw from the 28-nation EU bloc, after a bitterly-fought referendum campaign.

“Gold is soaring as investors flock to relative safety,” said Joe Rundle, head of trading at ETX Capital in London.

Investors had been wrong-footed by the vote outcome after opinion polls and bookmakers had pointed Thursday to a victory for “Remain” campaigners.

“Leave’s victory has delivered one of the biggest market shocks of all time,” added Rundle.