Gold rose 0.7 percent to $1,240.38 an ounce as the dollar turned lower.
MANILA/TOKYO: Gold rallied the most since the 2008 global financial crisis and oil and copper tumbled on Friday, as Britain's vote to leave the European Union rattled commodities markets, forcing a selloff in risky assets and a rush to safe havens.
Sharp falls in oil, base metals and grains mimicked other financial markets, which dived as nearly complete results showed a 51.8/48.2% split for Britain leaving EU.
Sterling suffered its biggest one-day fall in history, plunging more than 10% against the dollar to levels last seen in 1985 on fears the decision will hit investment in the world's fifth-largest economy.
"It's certainly going to retard the kind of recovery momentum we've seen shaping up in Europe and for the UK it will probably negate a lot of the stimulus effects," said Vishnu Varathan, a senior economist at Mizuho Bank.
"Already we are in a situation where global demand is not forthcoming. If we take a few more steps back the effects would certainly be hardest felt in the UK followed by the EU" and the impact could spread to the rest of the world, said Varathan.
Spot gold was up 5.6% at US$1,325 an ounce by 0541 GMT, after rising as much as 8.2% to US$1,358.20, the strongest since March 2014. Gold had surged nearly 11% in September 2008.
Britain would be the first state to leave the 28-nation European Union since its foundation.
With the global economy likely to take a hit, it could curb demand for raw materials from oil to copper, dragging down prices again just as many were regaining favour in recent weeks.
"Bad economies in the UK and Europe are not good for oil and there could be a domino effect on other economies in Asia," said IHS oil analyst Victor Shum.
Gold in terms of sterling and euro surged to the highest since April 2013.
US crude was down US$2.67, or 5.3% at US$47.44 a barrel and Brent oil slid US$2.78, or 5.5%, to US$48.13 a barrel.
London copper fell 2.6% to US$4,657 a tonne, after touching a seven-week high of US$4,795 on Thursday. Nickel fell 3.7% and zinc dropped 2.3%.
Losses were limited in China-traded commodities, with rebar futures down 0.4% and iron ore off 0.1%.
There could be further selling in LME base metals when London traders came in, said Daniel Hynes, commodity strategist at ANZ.
"I don't discount some impact in the very short term, but fundamentally, once it settles down I can't see things being too different from where we were a week ago," he said. - Reuters
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