Gold rallied the most since the global financial meltdown of 2008 after the U.K. voted to leave the European Union, sending markets into a tailspin and investors piling into haven assets.
Bullion for immediate delivery jumped as much as 8.1 percent, the most since 2008, and traded at $1,322.88 an ounce as of 7:10 a.m. in London. Prices touched a two-year high and trading volume on Comex was eight times the average for this time of day. Denominated in sterling, the metal soared a record 15 percent to 972.72 pounds.
Lots of Fragility
The metal is up 24 percent for 2016 and investor holdings of bullion in exchange-traded funds are the highest since 2013. Still, prices had declined in the days before the referendum as investors bet that the U.K. would stay in the EU.
By: Jasmine Ng, jasminengzt; Eddie Van Der Walt, EdvanderWalt; Ranjeetha Pakiam