Gold Suffers Worst Week in Three Years as Bulls Run for Cover
- Trade detente and Fed’s rate-cutting pause dent haven demand
- JPMorgan, Citigroup closing bets on gold, tilting toward risk
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Gold headed for the biggest weekly loss in three years as progress in U.S-China trade talks hammered demand for havens and sent miners’ shares tumbling.
The metal dropped 3.7% this week, the most since November 2016, as China and the U.S. indicated they are heading toward an interim deal to halt the trade war. Some signs of stabilization in the global economy have also dented gold’s allure, and JPMorgan Chase & Co. and Citigroup Inc. closed out their bets on the traditional haven.