Oil and gold emerge triumphant from first half market turmoil

Jessica Morris
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Gold bars are seen at the Czech Central
Gold clocked its best three months in more than 30 years in the first quarter (Source: Getty)

Oil and gold emerged alive and kicking from the financial market turmoil which characterised the first half of this year.

Markets have yo-yoed so far this year due to global growth concerns, speculation about another US interest rate rise and more recently Britain's vote to leave the European Union.

Brent crude is on course for a 30 per cent gain in the first six months of this year, helped in the last three months by the wildfires which tore through Canada, as well as militant attacks on Nigerian pipelines.

Gold, which clocked its best three months in more than 30 years in the first quarter, made further gains between April and June. Investors sought shelter in the safe haven as the Leave win sent financial markets into a tailspin.

While the black stuff benefited from the Brexit vote, it dipped lower today due to the expected return of Nigerian supply.

Brent crude was trading down 1.86 per cent to $49.67 per barrel this afternoon. Its US counterpart, West Texas Intermediate, shed 2.19 per cent to $48.79.

Meanwhile, spot gold fell 0.09 per cent to $1,317.95 per ounce, while US gold gave up 0.48 per cent to $1,320.50.

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