Gold Lower as Risk Appetite Rises

Gold prices are lower in early U.S. trading Wednesday, as risk aversion in the world marketplace has receded just a bit. Some chart consolidation and profit-taking from the shorter-term futures traders are also featured in gold and silver markets after both scored five-month highs earlier this week. June Comex gold was last down $9.10 an ounce at $1,285.00. May Comex silver was last down $0.027 at $18.245 an ounce.

European stock markets were mostly higher Tuesday on rebounds from selling pressure seen Monday. Asian stock markets were mostly weaker, following the sell-off in U.S. stocks Monday. U.S. stock indexes are pointed toward higher openings when the New York day session begins.

Still on the front burner of the world marketplace are geopolitical concerns regarding the U.S. and North Korea stand-off, and U.S.-Russia relations. U.K. Prime Minister Theresa May surprised the marketplace on Monday by calling for snap general elections in June. The first round of the French presidential elections will be held Sunday. The second round will be on May 7. European market watchers are getting more nervous as the French elections approach and polls show tight races. This uncertainty remains an underlying bullish element for the safe-haven gold market.

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