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Market Extra: A bearish ‘death cross’ is forming in gold even as trade turmoil rattles stock market

The stock market has been rattled by the threat of a global trade war between two of the world largest economies, creating an environment that ought to draw bidders for gold, underlining its appeal as a haven asset in times of market uncertainty.

However, that hasn’t happened, puzzling a number of traders, who have watched gold futures tumble to a 2018 low, even as hand-wringing over mounting geopolitical risk has accelerated.

On Thursday, gold futures for August delivery GCQ8, -0.39% the most-active contract, was trading $6.40, or 0.5%, lower at $1,268.10 an ounce. Gold prices are off about 1% this week, 3% so far in June and about 3.5% in the year to date.

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