To see how much markets fear the prospect of the U.K. leaving the European Union, one only has to look at the link between the pound and the go-to haven of gold. The two assets have moved in opposition to each other in recent weeks, with their inverse correlation over 30 days the strongest since 2014. “When sterling has fallen, gold has gone up, even in dollars, which seems to show Brexit fears are affecting both the metal and sterling,” said Matthew Turner, a precious metals analyst at Macquarie Group Ltd. in London.
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