Gold rose more than 3 % and oil futures dropped below USD 50 a barrel amid sharp price swings on Friday, as official results so far from a British referendum showed a tight race between campaigns to remain in or leave the European Union.

Spot gold XAU= was up 1.6 percent at USD 1,275.06 an ounce by 0213 GMT, after rising as much as 2.4 % earlier to USD 1,285.11.

  Gold in terms of sterling XAUGBP=R and euro XAUEUR=R also rose, but was well off session-peaks.

Gold had benefitted from fears of the 'Brexit' vote winning the referendum ahead of Thursday's polls, with some concerned it could tip Europe back into a recession, putting more pressure on the global economy.

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