"Gold prices in US dollars have increased several per cent in the last few weeks so I think in some ways the market has already started to react to the potential of a Brexit, and you see that in gold prices rising, bond yields falling and equities becoming more volatile," said Mr Eliseo. 

"Any investor who owns gold would at the very least would want to hold on to it while they see which way the outcome of Brexit ends up playing out."

Event risks such as Brexit, he said, tend to be a positive for gold with the volatility and uncertainly causing a pull-back in stock markets. 

"We’ve already seen gold benefit to some degree, while equities have been volatile in the meantime," he said.

If Britain chooses to remain in the EU, Mr Eliseo said this could lead to short-term pull-back in the price of gold, but will be a good buying opportunity for those looking to further accumulate their holdings in gold.

"If you look at what’s happened in the gold market over the last six months, any of the dips in the market have been good times to accumulate," he said.

Mr Eliseo stressed, however, that the long-term fundamentals for buying gold continue to be low rate interest rates and its diversification against stock market volatility. 

"I think Brexit is a potential short-term boost for the gold market, it could also be a buying opportunity if the Brexit doesn’t go ahead, but it also isn’t the key reason to own gold," he said.

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SMSF trustees considering selling up their gold holdings might want to reconsider, with a vote in favour of Britain leaving the UK likely to see a surge in gold prices, says one economist.

Speaking to SMSF Adviser, ABC Bullion chief economist Jordan Eliseo said the speculation around the Brexit referendum has already seen the gold price jump from around US $1,300 to around US $1,700 an ounce.

“Gold prices in US dollars have increased several per cent in the last few weeks so I think in some ways the market has already started to react to the potential of a Brexit, and you see that in gold prices rising, bond yields falling and equities becoming more volatile” said Mr Eliseo.

“Any investor who owns gold would at the very least would want to hold on to it while they see which way the outcome of Brexit ends up playing out.”

Event risks such as Brexit, he said, tend to be a positive for gold with the volatility and uncertainly causing a pull-back in stock markets.

“We’ve already seen gold benefit to some degree, while equities have been volatile in the meantime,” he said.

If Britain chooses to remain in the European Union Mr Eliseo said this could lead to short term pullback in the price of gold, but will be a good buying opportunity for those looking to further accumulate their holdings in gold.

“If you look at what’s happened in the gold market over the last six months, any of the dips in the market have been good times to accumulate,” he said.

Mr Eliseo stressed however that the long term fundamentals for buying gold continue to be low rate interest rates and its diversification against stock market volatility.

“I think Brexit is a potential short term boost for the gold market, it could also be a buying opportunity if the Brexit doesn’t go ahead, but it also isn’t the key reason to own gold,” he said.