Anxious investors have flocked to safe haven assets as the likelihood of Donald Trump winning the US presidential elections rises.
The Australian share market and dollar took sharp falls in afternoon trade following a stronger-than-expected showing by the Republican candidate, even as vote counting continues in several battleground states.
"If an investor was looking to hold any positions in financial markets at this point, it would be in US treasuries, gold and Japanese yen," IG's chief market strategist Chris Weston said.
Ten-year US Treasury notes had risen as much as 10 basis points - one of the biggest moves in recent months - driving down yields, traders said.
The Japanese yen was also sharply stronger against most currencies.
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At 1428 AEDT, the Australian dollar was down more than five per cent to 77.37 yen, compared to 81.44 yen on Wednesday morning.
Spot gold prices rose 3.4 per cent to $US1319.35 an ounce.
The share market's benchmark S&P/ASX 200 index had tumbled 3.5 per cent by 1430 AEDT, after trading in positive territory all morning on expectations Hillary Clinton would win the tightly contested race to the White House.
However, shares in gold miners surged, with Newcrest Mining, Evolution Mining, Regis Resources and Northern Star all trading between 8.0 to 13 per cent higher.
The Australian dollar hit a six-month high of 77.72 US cents at around midday on Wednesday AEDT, but dropped an hour later and was at 76.26 US cents at 1332 AEDT. It had regained some ground to be at 76.41 US cents by 1443 AEDT.
