Gold Set for Biggest Weekly Drop Since November on Peace Talks

Gold is headed for its biggest weekly loss in six months as Russia and Ukraine began their first direct talks in more than three years.

Bullion is down 4% this week to trade near $3,190 an ounce. The first direct talks between Russia and Ukraine in more than three years ended in Turkey with an agreement on an exchange of prisoners and discussions on a potential ceasefire, though no truce was announced.

Read more: Russia, Ukraine Discussed Truce, Prisoner Swap in Talks

Progress on trade negotiations between the US and China also sapped demand, adding to bearish headwinds for ...