Commodities were swept up in a global market frenzy as investors sold assets linked to economic growth such as oil and copper and sought safety in precious metals after U.K. voters opted to leave the European Union.
Gold posted its biggest one-day gain since the global financial crisis of 2008 and silver jumped the most in 18 months after U.K. voters backed the "Leave" campaign by 52 percent to 48 percent in a referendum on EU membership.
Brent crude futures slumped as much as 6.6 percent, and copper in London sank the most since Jan. 7 as the U.S. dollar surged. The Bloomberg Commodities Index of returns on 22 raw materials fell as much as 2.2 percent, the most since January.
Continue Reading for Free
Register and gain access to:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world cas studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
