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Gold futures hovered at their best levels in about two years Monday in the wake of the U.K.’s historic and market-rattling decision to exit from the European Union.

“We expect sentiment towards gold to remain buoyant during this extended period of uncertainty,” said James Butterfill, head of research and investment strategy at ETF Securities, in a news release.

“We believe investors are buying gold as an insurance asset, a hedge against tail-risks and spikes in volatility that seem increasingly likely against the backdrop of geopolitical tensions and anti-establishment sentiments in the political arena.”

August gold GCQ6, +0.03% rose $5, or 0.4%, to $1,327.40 an ounce, with prices holding ground at their highest settlement level since July 11, 2014. On Friday, they poised a gain of $59.30, or about 4.7%—the largest single-session dollar and percentage climb since September 2013, according to FactSet data.

Last week, gold was up just over 2% even though it spent most of the trading sessions leading up to the Brexit vote lower as “remain” sentiment was believed to have gained ground.

The surprise outcome continued to spill across global markets. Federal Reserve Chairwoman Janet Yellen said ahead of Thursday’s landmark referendum that a Brexit was one of the risks facing the global economy that could justify a cautious approach to raising interest rates. Higher rates tend to be gold-negative as precious-metals holders forfeit yield in a rising-rate environment.

Read: Why gold may hit $1,500 by year’s end—and it’s not just about Brexit

Among the ETFs, the SPDR Gold Trust GLD, +0.06% was up 0.4%. The VanEck Vectors Gold Miners ETF GDX, -0.43% gained 0.5%.

ETF Securities said Monday that its Physical Swiss Gold Shares SGOL, +0.09% which traded 0.4% higher, has seen strong inflows against a backdrop of volatile equity markets, with assets in the EFT topping $1 billion.   http://www.marketwatch.com/story/gold-at-2-year-high-in-post-brexit-rally-2016-06-27?   (GoldMoneyAssets.com)

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