Gold 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. EST (1856 GMT), 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.
The dollar hit a three-week high against key rivals, while global equity markets slid, a day after they surged to a 21-month high.
Silver dropped 1.2% to $16.90 per ounce, having touched its lowest since Aug. 13, and was set to post its steepest weekly drop since October 2016.