Gold’s Worst Week Since 1983 Strips Metal of Safe Haven Status
- Investors sell gold to raise cash to cover margin calls
- Comex bullion futures tumble, extending this week’s losses
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Gold posted its worst week in over three decades, joining the collapse across global markets that not even the traditional safe haven could dodge.
In the rush to raise cash and cover losses in other markets, investors are pulling their money out of bullion, typically seen as a store of value amid market volatility and global worries. That meant hedge funds cutting their bullish bets in the week ended March 10 by the most since early February.