Gold Price Tumbles As Risk Appetite Rises On French Vote

New York (April 24)  Gold futures fell Monday as polls showed centrist candidate Emmanuel Macron easily beating anti-EU stalwart Marine Le Pen in the May 7 French presidential election.

Macron emerged as the top vote-getter in yesterday's first round of the French electoral process. A victory for Macron next month would likely mean the status quo for the EU and euro currency.

June gold dropped USD11.60, or 0.9%, to close at USD1,277.50 an ounce, but off of a session low at USD1,266. Gold rallied last week to a 5-month high, but has levelled off amid diminished appetite for safe haven assets.

US stocks rose sharply today, while European shares skyrocketed. The Euro Stoxx 50 index of eurozone bluechip stocks increased 3.99%, while the Stoxx Europe 50 index, which includes some major UK companies, added 1.99%.

Source: Alliance)