[Bloomberg] 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.
The stronger dollar has also made the metal less appealing. The S&P 500 index had a volatile Friday after its worst day since 1987.
"There’s a lot of selling of every liquid asset for margin calls," Matthew Miller, a gold market and equities analyst at CFRA in Denver, said by phone.