Gold prices have hit two-year highs over recent weeks as investors worried about the impact of Britain's Brexit vote have looked for safe harbour investments.

Craig Robins, a wholesale consultant, said there had been a lift in interest as wholesale investors faced an increasingly uncertain financial environment.

He said it was likely that central bank policies to address the Brexit fallout would require even more stimulus and the use of negative interest rate policies, which would make gold a more attractive option.

Gold had been in a bull market for New Zealand-based investors since 2014, and the events of the past month should only fuel that further.

Charles Drace, of Socrates Fund Management, agreed investors' appetite for gold as a safe haven was strong, although still lagging bonds.

"Stocks in many places in the world, particularly New Zealand and the US, are at historical highs with p/e ratios. The bond market has been signalling very strongly that people are very concerned about what's going on. Then there are zero or negative interest rates, you put it all together and the argument for a safe haven is extremely strong."

He said it was possible that the interest could add more momentum to prices. Spot gold hit its highest level since March 2014 last week, at US$1371.40 an ounce, before falling on the back of US jobs data.

"As gold increases, more and more people jump into it," Drace said.

It would probably also boost the price of stocks in mining companies, he said.

But Robins and Drace said it was unlikely the interest in gold would filter down to retail and financial adviser level.

Drace said even when prices rose dramatically, few New Zealanders even noticed.

"I don't think New Zealanders have any focus on gold at all. They're still focused on stocks, and particularly property."

Robins said a lack of retail interest had prompted the closure of the Hayes Gold Fund in March.

"The banks and wealth advisers in New Zealand either had little interest in the gold sector, or felt they had the expertise to offer their clients advice in the area. While questioning the latter, we also faced increasing costs of compliance due to fund manager licensing later in 2016."