Gold was the only sector to shine on the Australian share market after the UK's decision to exit the European Union poleaxed everything else.
Markets worldwide have tumbled in the wake of the uncertainty caused by Brexit but the price of gold surged and investors snapped up gold stocks on Friday.
Gold is viewed as a safe haven in times of uncertainty.
Shares in the biggest goldminer listed on the Australian Securities Exchange, Newcrest Mining, surged almost nine per cent on Friday.
Smaller gold stocks also made strong gains, including Northern Star up more than eight per cent; Evolution Mining, up 12 per cent; Oceanagold, up nine per cent; St Barbara, up eight per cent; and Regis Resources, up eight per cent.
The price of gold also spiked, and was around five per cent higher $US1,317 at 1624 AEST.
The gold price had been rising since the start of June as the Brexit vote neared, with investors cautious as opinion polls showed that the vote would be close, giving the leave vote a serious chance.
But in the week leading to up to Thursday's vote in the UK, the gold price had eased as investors speculated that Britain was more likely to stay in the European union.
Share
