Gold futures nurse losses; stay near 2-week low

By Investing.com / April 25, 2017 / in.investing.com / Article Link

Investing.com - Gold prices were lower in European trading on Tuesday, edging down for the second straight session as investor sentiment remained skewed toward riskier assets in the wake of the French election results on Sunday.

Comex gold futures shed $4.10, or around 0.3%, to $1,273.40 a troy ounce by 2:45AM ET (06:45GMT). Meanwhile, spot gold was at $1,272.30, down 0.2%.

The yellow metal lost $11.60 on Monday after hitting its lowest since April 11 at $1,266.00, as investors dumped safe-haven assets after French election results eased fears over the future of the euro zone.

Also on the Comex, silver futures dipped 3.5 cents, or about 0.2% to $17.89 a troy ounce, after touching a one-month low of $17.55 in the prior session.

Market sentiment remained upbeat after centrist Emmanuel Macron won the first round of the French presidential elections.

Polls show Macron easily defeating far-right nationalist Marine Le Pen, who wants to take France out of the euro, in a runoff vote due to take place May 7, reducing the risk of an anti-establishment shock in the final round.

The outcome boosted risk-sensitive assets, such as global equities, and sparked a sell-off in assets perceived as safe, such as the yen, bullion and U.S. Treasuries, which are often used as a hedge in times of political uncertainty.

Elsewhere in metals trading, platinum inched up 0.1% to $961.25, while palladium slipped 0.4% to $792.45 an ounce.

May copper futures added 1.5 cents to $2.580 a pound.

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