Gold Lower as EUR Rises Post 1st Round French Elections

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.

via Kitco

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza