Investment demand for gold surged 70% to 1,560 tonnes in 2016, according to research by World Gold Council, as anxious investors hedged their bets following the UK’s Brexit vote and election of Donald Trump as US president.

Appetite for the yellow metal from investors was the highest since 2013 and demand from exchange-traded funds was the highest since 2009. However, falling demand from industry, central banks and consumers meant its overall growth was 2% to 4,309 tonnes, according to the trade body.