Gold fell for a fifth day to push prices near to lowest in five weeks as investors await details of a potential U.S.-China trade deal, which is damping demand.
As prices sink, investors are pulling cash from the world’s largest bullion-backed exchange-traded fund at the fastest pace in more than a year, as easing trade tensions push buyers out of safe-haven assets. The $33 billion SPDR Gold Shares ETF, or GLD, saw a net withdrawal of $496 million on Friday, the most in a single day since February 2018.
BullionVault’s gold index measuring balance of buyers against sellers fell to 52.2 in February from 52.6 in January, with a drop in investment demand suggesting that U.K. households aren’t too concerned over Brexit.
Spot gold -0.2% to $1,284.61/oz; 5th day of declines is worst run for gold since November.
Source : Bloomberg