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Comments from the World Gold Council:

Financial markets have fallen sharply in response to Donald Trump’s election as the 45th President of the United States. Equity markets are down notably in Asian and early European trading. Gold has, by contrast, increased, outperforming other assets, including other safe havens. It is currently trading at over US$1,300/oz, compared with US$1,275/oz before the vote counting began.

Short term volatility in the wake of this election is inevitable, as it signals a major political and economic change. Gold trading volumes have risen sharply in Asia. Western markets, which have just opened, will likely see a continuation of that trend.

We are seeing increasingly fractious politics across the advanced economies, and this trend, combined with uncertainty over the aftermath of years of unconventional monetary policies measures, will firmly underpin investment demand for gold in the coming years.

Gold’s high and low for the 52-week week period are $1,384 and $1,053, respectively.

The move is the largest since the Brexit vote. CNBC commented:

Gold jumped nearly 5 percent on Wednesday to its strongest in six weeks as investors snapped up safe havens with Republican Donald Trump winning the race for the White House over Democrat Hillary Clinton.

It marked gold’s biggest single-day gain since June 24 when it rose as much as 8 percent when Britain decided to leave the European Union. It closed up 4.8 percent that day.

The figure is nowhere close to the all-time high of $1,917.90 set on August 22, 2011.