Gold surged upwards globally as well as in India, crossing $1,374.91 per oz on Wednesday in international markets and Rs 31,953 per 10 gms in domestic trading, surpassing prices last seen in March 2014, before closing marginally lower. The trend continued in early trading in Asian markets on Thursday.

The immediate trigger for the spurt was the release of the minutes of the June meeting of the Federal Reserve in the US. The meeting had decided to refrain from any rate hikes in the near future, until a clearer picture emerges of the impact of the Brexit vote. Fed Governor Daniel Tarullo was quoted as saying that the interest rate hike could only occur if there was clear evidence that inflation is moving towards the central bank’s target on a sustained basis.

Equity markets have been shaky ever since Britain’s June 23 vote in faour of leaving the European Union. The fluctuations in many currencies has also boosted investor sentiment in favour of gold, while speculation that the British decision may spur similar demands in other European countries is also adding to the uncertainty.

The biggest global gold ETF SPDR Gold Trust (GLD) had on Tuesday reported record purchases, the largest in over six years wich saw its holding cross the 980 tonne mark.

In India, prices were also boosted by renewed buying from jewellers ahead of the festive and marriage season, and on anticipation of a good monsoon.

Prices of the yellow metal are now 8-9% above the levels prevailing on June 30 and almost 30% up since the start of 2016.

Silver too mirrored gold’s surge and crossed US$ 20 per oz levels on Wednesday, while in the domestic market it went over Rs 47,000 per kg.

Prices of the two metals are expected to remain high, and any further economic or political shocks could send them even higher, analyts say.