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Reuters: Gold races to 28-month high, oil pressured as Brexit fears return
21:29, 6 July 2016
Reuters: Gold races to 28-month high, oil pressured as Brexit fears return

Fears after UK exit from Europe renewed

21:29, 6 July 2016

Reuters

Gold rallied to its highest since 2014 on Wednesday and oil struggled to recover from deep losses, as renewed fears over the impact of Britain's exit from the European Union pushed investors toward safe havens.

Risk aversion gripped markets - Asian stocks tumbled and sterling plumbed a 31-year low - amid worries global efforts to boost liquidity may not be enough to cushion the impact of Brexit. Copper moved away from a two-month high and Chinese commodities were sold off, led by agriculture and iron ore.

Concerns that financial and political instability in Italy could lead to even more chaos in Europe spooked investors further.

"The market is beginning to focus on the wider euro zone risk," said Ric Spooner, chief market analyst at CMC Markets in Sydney.

Underlining strong appetite for gold, seen as a safe-haven during economic uncertainties, open interest in Comex futures and holdings in the top gold-backed exchange-traded fund rose to multi-year highs.

Read the full article: Gold races to 28-month high, oil pressured as Brexit fears return

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