Gold jumped nearly 4 percent on Wednesday to its strongest in more than five weeks as investors sought safe havens with Republican Donald Trumpleading Democrat Hillary Clinton in the race for the White House.
Trump won the key battleground state of Ohio and led Clinton in a series of other states that were too close to call, including Florida and North Carolina.
Trump is leading Clinton by 36 Electoral College votes, as of 10:35 p.m. Eastern Standard Time (0335 GMT on Wednesday), according to media reports.
Spot gold rose as far as $1,323.10, its strongest since Sept. 30, and was trading up 3.2 percent at $1,315.84 by 0341 GMT.
If Trump wins “there’s more uncertainty in his platform and the direction that his policy may aim, so there may be more volatility with risk assets and over the short-term you may have investors flock to gold,” said Mark Watkins, regional investment manager with The Private Client Group of U.S. Bank.
The US dollar sank and stock markets slammed into reverse in wild trade as investors faced the real possibility of a shock win by Trump that could upend the global political order. Sovereign bonds shot higher while the Mexican peso went into near freefall.
US gold for December delivery was last up 3.3 percent at $1,317.30 an ounce, after earlier hitting $1,324.30.
Spot silver rose as far as $18.84 an ounce and was last up 1.9 percent at $18.69.
US rates futures imply traders see only 36 percent chance of the Federal Reserveraising interest rates next month, which should support further gains in gold.