Gold steadies after Emmanuel Macrons win in France
Gold jewellery | By: Mansi
Gold spiked up on bargain-hunting after the dive to a seven-week low earlier in the session. This is after the euro strengthened followed by pro-EU candidate Emmanuel Macron won the French presidential election.
* Spot gold rose 0.2 percent to $1,229.90 per ounce as of 0124 GMT, after touching 1,224.86 earlier in the session, which is its lowest since March 17.
* Gold, at the beginning of May, saw its biggest weekly percentage fall since the week ending Nov. 11, ending over 3 percent lower.
* U.S. gold futures were up 0.3 percent at $1,230.50 an ounce.
* In early Asian trading, the euro hit its highest since Nov. 9 after centrist Emmanuel Macron comfortably won the French presidential election.
* Macron was elected as French president on 7th May with a business-friendly vision of European integration, defeating Marine Le Pen, a far-right nationalist who threatened to take France out of the European Union.
Source: Financial express; The Art of Jewellery magazine