MANILA – Gold swelled nearly 5 percent in its biggest rally since June and oil slashed to multi-month lows on Wednesday as Republican Donald Trump paved his way to White House by defeating heavily favored Hillary Clinton.

Base metals and grains including Brent crude oil also followed the same bearish trend as world investors felt uncertain about Trump’s America. Spot gold rose as much as 4.9 percent to $1,337.40 an ounce, its strongest since September 27.

The slash in risky assets compelled investors to recall the market trends of June when Britain voted to exit the European Union which led to increase in gold prices by 8 percent.

“This is deja vu of the Brexit moment, very worrying,” said Bob Takai, president at Sumitomo Corp Global Research in Tokyo.

Moreover, economists are of the view that Trump’s win may push the US Federal Reserve to hold off from raising interest rates slated next month.

“The market turbulence that a Trump victory looks likely to bring will deter the Fed from hiking next month,” said Craig Erlam, analyst at Canadian-based foreign exchange company “Oanda”.

If Trump wins “the threat of growth forecasts being downgraded at least over the short-term due to investor uncertainty in theory weakens demand for commodities like oil,” said Jameel Ahmad, vice president of market research at trading platform and research firm FXTM.

Global markets also faced a turbulence as the news of Trump’s victory began oozing the screens around the world.