Gold prices spiked more than 3% in Asian trading hours passing $1,300 an ounce as investors fled to safe haven assets on the likelihood of a shock Donald Trump victory in the U.S. Presidential election.

Gold futures for delivery in December traded at $1,313.90, up $39.40 or 3.09% just ahead of the European markets' opening on Wednesday, its highest mark since the end of September.

Analysts had warned that a Trump victory in the election would push gold sharply higher as investors sort a hedge against an expected sharp decline in equity markets. U.S. Treasury bonds, another safe haven asset, also spiked overnight with yields on 10-year Treasury notes falling to 1.7445% down falling from 1.9% as it became clear that the Republican candidate was likely to defeat the Democrat's nominee Hillary Clinton.

Gold could pass $1,500 an ounce in the weeks after a Trump victory HSBC analysts wrote last week, fueled by investors fears about the impact of the candidate's protectionist and populist platform. "As a perceived 'safe haven' and flight-to-quality asset, the demand for gold is often stimulated by the same factors that fan protectionist and populist sentiment," wrote HSBC analysts.

Gold added about $100 an ounce in the two weeks following Britain's surprise vote to leave the European Union, a market shock that would likely bare comparison to a Trump victory.

Asian share markets tumbled Wednesday as Trump's likelihood of winning the election rose and European markets are expected to follow when they open. The FTSE 100 is expected to fall more than 230 points, or 3.4%, when trading begins at 8:00 in London. Germany's DAX index is projected to fall 400 points, or 3.8%.

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