Gold prices decline in Asia

Gold prices decline in Asia

On Tuesday, gold sank moderately, with markets on watch for further developments on the Korean peninsula. However, traders noted strong equity markets as well as investor confidence.

In New York, June deliver gold futures dropped 0.15%, trading at $1,275.65 a troy ounce. Meanwhile, silver futures added 0.16%, being worth $17.960 a troy ounce. As for copper futures, they leapt 0.78%, hitting $2.586 a pound.

Overnight, gold prices dipped, as market participants pulled out of safe-haven assets, including gold, after pro-European nominee Emmanuel Macron managed to dominate the first round of the French presidential election.

Gold faced its biggest sag for over a month, declining more than 1%, after surveys showed Mr Macron would emerge victorious against anti-EU nominee Marine Le Pen during the run-off vote to take place on May 7.

The decrease in gold prices was capped by greenback weakness as well as ascending geopolitical tensions.

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