Gold prices are solidly lower in early U.S. trading Monday, as the safe-haven asset is getting hit hard by rallying risk assets that include world stock markets and the Euro currency. June Comex gold was last down $19.10 an ounce at $1,270.00. May Comex silver was last down $0.091 at $17.765 an ounce.
The first round of the French presidential elections that were be held Sunday showed the nationalist candidate Marine LePen garnering less support than expected and dealing the so-called Euroskeptics another blow. LePen will be in the run-off election on May 7, but so will the centrist candidate, Emmanuel Macron. Macron is projected by early polls to be the winner of the May 7 vote. European market watchers had been very nervous as the French elections approached and polls showed tight races. A few weeks ago the Dutch elections showed the nationalist candidate go down in defeat.
Safe-haven assets gold, U.S. Treasuries and U.S. dollar index prices all have dropped sharply Monday, while the world stock markets are mostly in a rally mode. The Euro currency pushed to a five-month high on the French election results.
The other key outside market on Monday morning sees Nymex crude oil prices modestly higher on a corrective bounce after recent selling pressure.
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