April 24, 2017 / 1:14 AM / 4 months ago

PRECIOUS-Gold falls as stocks gain after French election result

    April 24 (Reuters) - Gold fell nearly 1 percent on Monday to
its weakest in two weeks after centrist Macron led the first
round of voting in the French presidential election, boosting
stocks and triggering a sell-off of safe-haven bullion.
    
    FUNDAMENTALS
    * Spot gold        was down 0.9 percent to $1,273.15 per
ounce by 0057 GMT. Bullion prices touched a low of $1,265.90
earlier in the session, the lowest since April 11.
    * U.S. gold futures         were down 1.1 percent at
$1,274.70 an ounce.
    * Centrist Emmanuel Macron took a big step towards the
French presidency on Sunday by winning the first round of voting
and qualifying for a May 7 runoff alongside far-right leader
Marine Le Pen.             
    * The outcome lessens the risk of an anti-establishment
shock on the scale of Britain's vote to quit the European Union,
 with Macron widely tipped to win the final vote and keep France
in the union.
    * The euro scaled five-month highs against the dollar in
early Asian trading on relief at the result,  while U.S. stock
index futures rose sharply on Sunday.                    
    * North Korea said on Sunday it was ready to sink a U.S.
aircraft carrier to demonstrate its military might, in the
latest sign of rising tension as U.S. President Donald Trump
prepared to call the leaders of China and Japan.             
    * Holdings of SPDR Gold Trust      , the world's largest
gold-backed exchange-traded fund, rose 0.52 percent to 858.69
tonnes on Friday.       
    * Barrick Gold Corp          and its new Chinese partner
presented a $500 million plan on Friday to make safety and
environmental improvements to the Veladero gold mine in
Argentina after a third cyanide spill in 18 months, a company
executive said.             
    * Hedge funds and other money managers increased their net
long position in COMEX gold for the fifth straight week to April
18, lifting it to a five-month high, U.S. Commodity Futures
Trading Commission (CFTC) data showed Friday.             

    DATA AHEAD  (GMT)

    0800  Germany   Ifo business climate             April
    1230  U.S.      National activity index          March
    1430  U.S.      Dallas Fed manufacturing index   April

 (Reporting by Swati Verma in Bengaluru; Editing by Richard
Pullin)
  

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below