Gold edges down in Asia as French survey results come in along expected lines

Gold edges down in Asia as French survey results come in along expected lines

On Monday, gold prices tumbled in Asia, as risk worries eased after the French election went widely as expected, thus pitting centrist Emmanuel Macron as well as far-right leader Marine Le Pen in a May 7 runoff.

In New York, June delivery gold futures dipped 0.90%, trading at $1,277.35% a troy ounce. Silver futures descended 0.09%, being worth $17.907 a troy ounce, while copper soared 0.47%, trading at $2.563 a pound.

Market participants will focus on ahead of Thursday’s ECB gathering and Friday’s euro zone inflation reports and preliminary estimates of first quarter surge from Great Britain and America on Friday.

The previous week, gold soared on Friday as market participants remained cautious ahead of the first round of voting in France’ presidential election, thus backing safe haven demand for gold.

Traders were also monitoring events in America. On Thursday, US Treasury Secretary Steven Mnuchin informed that the Trump administration is going to disclose a tax reform plan soon and also expects it will be approved by Congress in 2017.

 

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