Gold goes up on Fed views in Asia

Gold goes up on Fed views in Asia

On Tuesday, gold prices soared in Asia in light trade with market participants cautious ahead of a widely expected Fed rate lift in June as well as prospects for a stronger greenback.

In New York, June delivery gold futures added 0.14%, trading at $1,228.78 a troy ounce.

Overnight, the number one precious metal stood still because traders ditched safe-haven assets, right after Emmanuel Macron grasped a landslide victory over Marine Le Pen in Sunday’s runoff vote.

Gold futures actually struggled to hold onto revenues because demand for safe-haven assets relieved, after centrist Emmanuel Macron outperformed his counterpart, gaining up to 66% of the French vote on Sunday.

The greenback managed to advance to session peaks and applied pressure on dollar-denominated gold, though downside momentum in gold was capped because a Macron win was highly anticipated, after he held a considerable lead over Marine Le Pen in the surveys during the buildup to the runoff vote on Sunday.

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