Friday, 24 June 2016

Gold soars, oil slumps after shock British vote to exit EU

Gold rallied the most since the 2008 global financial crisis and oil and copper tumbled on Friday, as Britain's vote to leave the European Union rattled commodities markets, forcing a selloff in risky assets and a rush to safe havens.

Sharp falls in oil, base metals and grains mimicked other financial markets, which dived as nearly complete results showed a 51.8/48.2% split for Britain leaving EU.

Sterling suffered its biggest one-day fall in history, plunging more than 10% against the dollar to levels last seen in 1985 on fears the decision will hit investment in the world's fifth-largest economy.

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