Gold is skyrocketing as Donald Trump closes in on the US presidency

Photo: Joe Raedle/ Getty Images.

Gold is taking off as the results from the presidential election show the strong possibility that Donald Trump will be the next president of the US.

The precious metal is up just over $52 an ounce as of 12:42 a.m. ET at $1,326 an ounce. This is the highest price for the safe haven since late September.

A falling gold price would indicate that investors are pricing in a probable victory for Democratic nominee Hillary Clinton. The thinking going that investors would head to safe havens such as gold if Republican nominee Donald Trump were to be elected as it would come as a surprise to markets.

Stock futures are collapsing and the Mexican peso is tanking against the dollar, both are indications that investors are expecting a Clinton victory.

Keep track of the results as they roll in with our live blog.

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