A Donald Trump victory in the US presidential election in November would probably lift gold prices, according to the mint that refines almost all the bullion output from one of the world’s biggest producers.

“If someone like Donald Trump does get himself elected, it will stimulate some fear within the economy as to where things are going,” Richard Hayes, chief executive officer of the Perth Mint, said in a Bloomberg TV interview. “Trump is very much a protectionist, he is very much for almost ‘Fortress America’.”

Gold has rallied 27% this year on demand for haven assets following the UK’s vote to leave the European Union and as the Federal Reserve refrains from raising rates. The US race remains close after the conventions last month, with polls showing Democratic nominee Hillary Clinton holding a slight lead over Republican Trump. DBS Group Holdings has said the markets have yet to deal with the political uncertainty going into the US contest.