Gold futures rallied on Friday to finish at their highest level in nearly two years as investors rushed to buy the metal in the wake of the U.K.’s decision to exit from the European Union.Gold tends to rally in times of economic, market or political uncertainty because precious metals are considered a haven asset. As might be expected, riskier assets, including U.S. stocks, tumbled.
“Global growth is unstable right now and the U.K. leaving the EU only adds to the instability,” Frank Holmes, chief executive officer and chief investment officer of U.S. Global Investors, told MarketWatch. “With that, we see that gold is sound money.”
August gold GCQ6, +4.43% jumped $59.30, or 4.7%, to settle at $1,322.40 an ounce with prices marking the largest single-session dollar and percentage climb since September 2013. The settlement was highest since July 11, 2014, according to FactSet data.
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