Gold steadies after Emmanuel Macrons win in France


 Gold jewellery |  By: Mansi  

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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.

Fundamental Highlights:

* 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

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