Gold Falls Again as Demand for Havens Wanes

Bullion falls ahead of U.S.-China trade pact signing Wednesday
Prices may move to $1,525 or even lower on trade optimism: BMO

Gold Seen Around $1,600 in 12 Months: UBS Global WM

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By Elena Mazneva and Ranjeetha Pakiam

January 14, 2020 at 5:57 AM UTC

Updated on

January 14, 2020 at 7:48 PM UTC

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Gold futures declined, extending its retreat from a six-year high last week as the soon-to-be clinched U.S.-China trade pact undercuts the case for havens. Palladium hit a fresh record.

Comex gold have lost about 1% this week and analysts including those at ABN Amro Bank NV and BMO Capital Markets predict prices may decline further ahead of the signing on Wednesday. The shift has been reflected in an outflow of holdings from exchange-traded funds, which fell more than 20 tons over the four sessions to Monday, the most in a four-day period since November.