The price of gold has spiked rapidly, according to Neil Hume, who is watching the markets today. He says:
Gold soared to a two-year high and oil fell by more than 6 per cent after the UK voted to leave the EU, as investors searched for safe places to warehouses cash while dumping riskier assets.
The precious metal jumped to a high of $1,333 a troy ounce even as the US dollar — which usually moves counter to gold — posted one of its biggest increases on record.
Priced in sterling gold surged by more than 20 per cent — its fastest move on record — to above £1,000 an ounce, as the UK currency dropped to its lowest level in 30 years.
“The surging gold price clearly shows the panic sweeping financial markets,” said Adrian Ash, Head of Research at BullionVault.com, an online brokerage.