By Clara Denina
LONDON - Gold rose more than one percent on Monday, staying close to the more than two-year high hit on Friday as uncertainty over Britain's vote to leave the European Union pushed investors to sell equities and seek safer assets.
Bullion surged 4.8 percent on Friday, its biggest one-day gain since January 2009 as the British vote sparked sales of riskier assets. Gold is often perceived as a hedge against economic and financial risk.
Spot gold rose as much as 1.5 percent to a session high of $1,335.30 an ounce and was up 1.1 percent at $1,329.41 by 1140 GMT. It rallied 8 percent to $1,358.20 at one stage on Friday, the highest price since March 2014.
Gold denominated in sterling rose to its highest since April 2013 on Friday, as the currency fell to its lowest against the dollar in 31 years.
"The uncertainty around the timing of negotiations to leave the EU means that not only do investors become more defensive and buy things like gold and the dollar, but it also keeps sterling under pressure and translates into a permanent loss of economic activity at domestic level," ETF Securities analyst Martin Arnold said.
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