Gold is trading slightly down from its Friday spot price close of $1,227.90, as investors digest the outcome of the recently-decided French presidential election. The spot price of silver on Sunday was up by 5 cents, to $16.35 an ounce, about an hour into the trading session. After an hour of trading on Sunday, the spot price was down $1.10, or 0.09%. The French overwhelmingly rejected the prospect of a far-right leader at the helm, instead putting centrist Emmanuel Macron, the country's youngest-ever president at 39, into the Elysee Palace. Projections from early counts on Sunday had Macron taking 65.1% of the votes to Marine Le Pen's 34.9%.
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Silver was up 0.2 per cent at $US16.31 an ounce, on track to close the week down 5.4 per cent. Concerns over a victory by far-right candidate Marine Le Pen in the French presidential election, which drove gold lower last month, have faded considerably. Platinum was up 1.1 per cent at $US909.10 an ounce, but on track to close the week down 4 per cent. The spread between platinum and palladium was close to its narrowest in 15 years, having dipped below $US100 an ounce this week. "This only put gold prices slightly under pressure, because the US dollar didn't rally."
Chart 1: The price of gold before and after the first round of the French presidential elections. The snap elections will also silence supporters of the second referendum over Brexit. Hence, any events increasing the odds of a hard Brexit could shake the markets and support the gold prices. The first round of the French presidential elections is behind us. Similarly, markets now expect softer Brexit, as the pressure from hardline Brexiteers on Theresa May is believed to soften after the snap election.
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collected by :Jack Luxor
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Gold falls on French poll expectations
Silver was up 0.2 per cent at $US16.31 an ounce, on track to close the week down 5.4 per cent. Concerns over a victory by far-right candidate Marine Le Pen in the French presidential election, which drove gold lower last month, have faded considerably. Platinum was up 1.1 per cent at $US909.10 an ounce, but on track to close the week down 4 per cent. The spread between platinum and palladium was close to its narrowest in 15 years, having dipped below $US100 an ounce this week. "This only put gold prices slightly under pressure, because the US dollar didn't rally."
Chart 1: The price of gold before and after the first round of the French presidential elections. The snap elections will also silence supporters of the second referendum over Brexit. Hence, any events increasing the odds of a hard Brexit could shake the markets and support the gold prices. The first round of the French presidential elections is behind us. Similarly, markets now expect softer Brexit, as the pressure from hardline Brexiteers on Theresa May is believed to soften after the snap election.
read more visit us gold
collected by :Jack Luxor
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