Gold Slumps Further as Trade Progress Erodes Haven Demand

Gold extended a pullback as progress between US and China on trade talks sapped demand for havens.

Bullion slumped below $3,960 an ounce on Tuesday after declining 3.2% in the previous session, as negotiators from Washington and Beijing said they’dstruck agreements on issues including tariffs and export controls that could ease trade tensions.

Gold has pulled back decisively from a blistering rally and a record above $4,380 an ounce last Monday. It’s still up 50% this year, with central-bank buying and the debasement trade — in which investors avoid sovereign debt and currencies to protect themselves from runaway budget ...