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Oil, gold hit multi-month peak

Oil, gold hit multi-month peak.

The prices of oil and gold have been pushed to multi-month highs over concerns that the US will lead a military strike against the Syrian government.

Brent crude prices advanced 2.4% to a six-month high of $117.14 a barrel, extending Tuesday’s 3.3% surge – the biggest one-day percentage gain in nearly 10 months.

Gold climbed 0.8% to a more than three-month high after also gaining 0.8% on Tuesday.

But while the prices of oil and gold rose to their highest in several months, Asian equities fell to a seven-week low. An acute ‘risk-off’ mode also boosted the appeal of the Japanese yen, which held near a one-week high against the dollar and euro after having posted its biggest rally in more than two months.

Tokyo’s Nikkei share average sagged as much as 2.6% to a two-month low, while the yen was largely steady at 97.120 to the dollar and 129.90 to the euro after climbing more than 1% overnight.

US and European stocks were also impacted overnight, suffering their worst day since June. Investor nervousness was reflected in a nearly 12 percent jump on the CBOE volatility index, Wall Street’s so-called fear gauge, to a two-month high.

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