SINGAPORE – Gold soared by the most since Britain’s Brexit vote in June as Donald Trump won the US Presidency, prompting a rush to havens and a flight from risky assets.

Bullion jumped as much as 4.8% to $1 337.38 an ounce, the biggest intraday increase since June, and traded at $1 317.17 by 7:44 in London, according to Bloomberg generic pricing. The advance sent prices to the highest level since September and spurred gains in gold mining shares.

Volume was double the daily average, according to Comex data compiled by Bloomberg.

Trump is poised to enter the White House after winning a string of battleground states that pushed him over the 270 Electoral College vote threshold needed to become president-elect. Before the vote, most polls showed Hillary Clinton ahead and the reversal forced investors to adjust positions. The real estate magnate is seen as a riskier bet than his rival after he advocated ripping up trade deals and building a wall on the Mexican border.

“We have two trading floors, one in Geneva and one in Sydney, and phones are ringing non-stop,” said Bernard Sin, head of precious metals trading at MKS (Switzerland) SA by phone from Geneva. “Everyone is buying.”

Gold’s advance fueled a rally in related equities. Australia’s largest producer Newcrest Mining rose as much as 11% in Sydney, while Zijin Mining Group in Hong Kong climbed more than 7%.

Concern over Trump’s approach to free trade “is going to throw the global system into a bit of chaos,” which will support gold prices, said Mick Wilkes, chief executive officer of OceanaGold, an Australian producer building a $380-million mine in South Carolina.

“The only good thing about being a gold miner is that when when everything turns to mush, we do alright,” Wilkes told reporters in Melbourne.

Bullion has gyrated in recent weeks as investors tracked the campaign, which has dominated sentiment even as the Federal Reserve signals that it’s set to raise interest rates. Odds of a US rate hike sank on Wednesday as the election results came in, bolstering the case for holding gold.

Hedge funds piled into bullion a week before Election Day amid bets that a Trump victory would trigger a repeat of last week’s sell-off that sent the S&P 500 Index of equities to its longest slump since 1980.

A Trump victory could  send bullion to $1 395, according to more than 20 analysts and traders surveyed by Bloomberg before the vote. A gauge of price swings over the past 15 days has rebounded from a two-year low.