Market Insider

Gold and gold miners shares pop as gold hits 2-year high

A Jordanian goldsmith places gold chains for display at his jewelry shop in Amman, Jordan.
Muhammad Hamed | Reuters

Gold and gold miners stocks surged Wednesday as uncertainty following the United Kingdom's vote to leave the European Union led investors to buy safer assets.

Shares of AngloGold Ashanti popped nearly 7 percent, while Harmony Gold Mining gained almost 10 percent. Royal Gold gained more than 4 percent, while Goldcorp and the SPDR Gold Trust (GLD) were modestly higher.

Lifting gold and gold miner shares were the precious metal's prices. Gold futures for August delivery settled up $8.40 at $1,367.10.

Spot gold, meanwhile, hit its highest level in two years Wednesday as bond yields hit record lows and stock markets dropped.

GLD this week

"Panic is back in the market — you can see that not only in gold, but also with stock markets," said LBBW analyst Thorsten Proettel. "Right now, everyone is looking for a strategy from London."

The SPDR Gold Trust also rose more than 1 percent, while Royal Gold and Goldcorp gained more than 3 percent and 1 percent, respectively.

Gold mining also saw a spike as Newmont Mining rose more than 2 percent.

— Reuters contributed to this report.