Gold and the corresponding SPDR Gold Trust (ETF) (NYSEARCA:GLD) edged up on Tuesday morning in premarket trading as investors rattled by shockwaves of Brexit continued to show more appetite for the safe-haven asset. Hopes that central banks around the world will roll out more monetary easing measures have also heightened demand for gold.

On the New York Mercantile Exchange’s Comex division, gold futures for August delivery rose 0.63% to $1,347.45 a troy ounce in Asian trading hours, thus continuing the gains started on Monday. The price of the yellow metal jumped to $1,360.30 to sit close to its 2-year high reached immediately after Britain voted to leave the European Union.

Gold is already up about 27% in 2016 and it rose 9% last month. Investors also showed appetite for silver with silver contracts for September delivery edging up 2.46% to $20.07 a troy ounce during Asian trading hours.

Even more easing?

Britain’s unexpected decision to ditch the EU has left global monetary regulators struggling to absorb the shockwaves of the Brexit vote. Central banks in Asia, Europe and other parts of the world are working to roll out additional stimulus measures to counter the uncertainty created by Britain’s intended divorce with the EU. Gold tends to gain in situations of economic uncertainty given that it is widely considered a safe-haven asset and major hedge against inflation. As such, with stimulus plans on the way around the world, gold is expected to see an increase in demand.

Among the central banks expected to provide stimulus to spur domestic economies are the People’s Bank of China, the Bank of Japan and the European Central Bank.

Oil falls on demand concern

But as gold gained, oil fell amid concern over demand. Crude oil futures for August delivery were seen down 2.78% to $47.63 after the close of trading in Asia.