Gold Down On French Presidential Election Outcome

Gold futures closed lower in the domestic market on Tuesday extending the previous session’s decline that followed the first round of France’s presidential election.
The election eased fears that politicians eager to pull the country out of the European Union would emerge as front-runners. Traders’ expectation that Le Pen will not become the next French President has resulted in a technical correction for gold.
At the MCX, gold futures for June 2017 contract ended at Rs 28825 per 10 grams, down by 1.05 per cent, after opening at Rs 29,070 against a previous close of Rs 29,131. It touched the intra-day low of Rs 28,765.

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Suhani Verma

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