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Gold surged the most since the height of the 2008 global financial crisis after the UK voted to exit the European Union, causing turmoil across markets and boosting haven demand.
Bullion jumped as much as 8.1% and futures trading volume was double the average for this time of day. As the pound tumbled against the dollar, gold priced in sterling rose 14% after rallying as much as 19%. Mining companies such as Barrick Gold and Newmont Mining advanced.
Gold and silver prices on Friday surged above their 2016 highs in the wake of the outcome of the British referendum to leave the European Union (EU) – the so-called Brexit. Fitch Group research firm BMI on Friday said it expected additional gains for these precious metals over the coming weeks.
With Britain voting to exit the European Union, the World Gold Council expects to see strong and sustained inflows into the gold market driven by the "staggering" level of protracted uncertainty that investors now face. The council said on Friday that gold’s surge to $1 313.85/oz was providing investors with a much-needed safe haven.