Gold prices dip on French election

GOLD prices fell yesterday as markets grew less concerned that far-right leader Marine le Pen would win the French presidential election, increasing investor appetite for risky assets such as stocks while denting bullion.

Spot gold was down 0.4% at $1 269.95 per ounce as of 0953 GMT. US gold futures slipped 0.4% to $1 272.

Business-friendly centrist Emmanuel Macron won the first round of the French vote on Sunday and opinion polls indicated less support for Le Pen. The news had sent bullion prices to their lowest since April 11 in the previous session, at $1 265.90.

“We’ve moved from having multiple numbers of positive drivers for gold last week, when yields were on the defensive and we had multiple geopolitical risks,” Ole Hansen, the head of commodity strategy at Saxo Bank, said.

“But now with the French election (first round) behind us, there is a bit of a surge of risk-on coming back to the market.”

Silver dipped 0.3% to $17.83 an ounce, after touching a onemonth low of $17.65 in the previous session.

Platinum inched down 0.4% to $955 an ounce, after falling more than 1% in the prior session.

Palladium lost 0.4% at $793 an ounce.