"The market is extremely nervous," said Afshin Nabavi, head of trading at MKS. "That's why gold and silver are benefiting."
The strength in the dollar and some profit taking kept some pressure on prices. The U.S. dollar rose 0.59 percent against a currency basket.
The Japanese yen, also considered a safe haven in times of volatility, rose almost 1 percent against the euro and dollar while sterling hit its lowest since the aftermath of the Brexit vote.
Some analysts, however, said the impact of Brexit would not be a game changer for the world economy.
"The UK recovery will probably falter due to heightened uncertainty about the country's future relations with the EU27, but a more competitive exchange rate along with additional policy support will cushion the blow," Capital Economics analysts wrote in a research note.
Spot silver was 2.17 percent lower at $19.87 an ounce, having jumped above $21 an ounce for the first time in two years in the previous session.
It posted its biggest weekly gain in nearly three years following the Brexit referendum, hitting its most expensive relative to gold since September 2014.
"In our opinion, there is now considerable correction potential from this side. If the 'hot air' were to dissipate, the silver price could come under more significant pressure." Commerzbank said in a note.
Platinum futures was up 1.9 percent at $1,077.10 an ounce, while palladium futures, which had fallen more than 4 percent earlier, were down 0.35 percent at $603.50.
Correction: A previous version of this story said gold traded near a two-year high.