Gold climbed to a two-year high as investors sought a haven from the tumult in financial markets, with UBS Group AG saying bullion is probably at the beginning of its next bull run.

The metal for immediate delivery rose for a sixth day, reaching $1,375.28 an ounce, as stocks and the pound slid in the wake of the U.K.’s vote last month to leave the European Union. Gold may climb to $1,400 in the short term, according to UBS, which sees prices averaging $1,340 in the second half of this year.