NEW YORK (Reuters) - Gold has extended losses to a three-month low as positive developments in U.S.-China trade tarnished the metal’s safe-haven appeal, putting it on track for the biggest weekly decline in three years.
Spot gold was down 0.3% at $1,463.20 per ounce as of 1:56 p.m., poised for a drop of about 3.4%, the biggest weekly loss since November 2016. It fell to $1,455.80, its lowest since Aug. 5, earlier in the session.
U.S. gold futures settled down 0.2% at $1,462.90.
"We are seeing a rally in risk markets, dollar surge and equities reaching an all time high. There had been a portion of long positions built up in the last few months and we are starting to see those liquidating,” said Ryan McKay, a commodity strategist at TD Securities.