Gold Falls for Fourth Week on U.S. ‘Deflationary Worries’

Gold futures fell, capping the fourth straight weekly decline, as President Barack Obama said federal spending cuts will cause “ripple effects” through the U.S. economy, and jobs will be lost.

Obama called on Congress to halt the “slow grind” on the economy caused by automatic spending cuts that start today and to pass an alternative that closes tax loopholes and cuts spending, including entitlements. In February, gold dropped for the fifth straight month, the longest slump in 16 years.