Gold prices for immediate delivery were in new lows with as much as a 1.5% decrease; this was the biggest drop since March 2 and was sold at $1,265.51 per ounce, and was traded at $1,273.64 as low as 8.54am in Singapore.
Gold sank in more than seven weeks as investors regained confidence and returned to trading on riskier assets with speculations of a pro-growth centrist Emmanuel Macron who is expected to become France’s upcoming president after the first round voting, which would potentially remove a threat to the Euro zone from one the region’s top economies.
The Bullion for immediate delivery fell as much as 1.5%, its biggest loss since march 2 and was down to $1,265.51 per ounce, and was last seen traded at $1,273.64 on Singapore, according to Bloomberg generic pricing.
The commodity dropped along with the yen as the Euro spiked.
Gold has cut back in this year’s gain to 11% after Macron and far-right nationalist Marine Le Pen won the first round of the French elections, triggering a runoff on May that is likely to be won with ease by Macron, which was supported by opinion polls.
In Sunday’s election, Macron, a political independent, was on course to take 23.8%, with National Front Leader Le Pen on 21.7%, according to Interior Ministry projections. A quick poll released late Sunday shows that Macron would win the elections against Le Pen by more than 10 percent points in the second round.