View photos

(Bloomberg) — Gold headed for its largest weekly decline in seven weeks as European nations, including the U.K., offered cautious signals they’ve passed through the peak of the coronavirus outbreak and as U.S. cases rose at the slowest pace this month.

U.K. Prime Minister Boris Johnson said the country was through the worst of the virus and pledged to deliver plans to lift the lockdown, while Italy, France and Germany all also outlined proposals to gradually ease restrictions. The European Central Bank stepped up its response to the coronavirus crisis by cutting funding costs for banks, but refrained from boosting its bond-buying program.

“Demand for safe haven assets took a further dive” after Johnson’s virus comments Thursday in the U.K., Australia &