July 7, 2016

Gold races to 28-month high, oil pressured as Brexit fears return

One-gram gold bars are displayed at the annual meeting of German Sparkasse savings banks in Duesseldorf, Germany, April 27, 2016.    REUTERS/Wolfgang Rattay

One-gram gold bars are displayed at the annual meeting of German Sparkasse savings banks in Duesseldorf, Germany, April 27, 2016. REUTERS/Wolfgang Rattay

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.

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