U.S., NOVEMBER 09, 2016 (Bloomberg): Gold surged by the most since Britain’s Brexit vote as prospects for a Donald Trump presidency reverberated through global markets, with investors plowing funds back into haven assets as equities plunged.

Bullion jumped as much as 4.8 percent to $1,337.38 an ounce, the biggest intraday surge since June, and traded at $1,333.43 at 1:16 p.m. in Singapore, according to Bloomberg generic pricing. The advance put prices at the highest level since September and helped spur gains in the shares of gold miners.

Investors are fleeing risk assets as Trump won Florida, Ohio and North Carolina, states he needed for a path to the White House. Going into the vote, most polls showed Hillary Clinton ahead, forcing investors to scramble to adjust positions. The real estate magnate is seen as a riskier bet than his rival after he advocated ripping up trade deals and building a wall along the Mexican border, and talked up Russia’s president.

“Rightly or wrongly, a Trump victory is seen by markets as a major risk event,” said Ric Spooner, chief market strategist at CMC Markets Asia Pacific Pty. “The size of the moves we’ve seen today in key markets does point to the possibility for further risk-off moves if a Trump victory is confirmed.”

Gold’s advance fueled a rally in related equities. Australia’s largest producer Newcrest Mining Ltd. rose as much as 11 percent in Sydney, while Zijin Mining Group Co. in Hong Kong climbed more than 7 percent.

Source: Bloomberg