Yellow Metal Loses Shine After French Election


Gold futures fell over 1 per cent during afternoon trade in the domestic market on Monday as investors and speculators exited their positions in the precious metal as safe-haven buying dried up on emergence of risk appetite among investors and boosting stocks, after centrist candidate Emmanuel Macron won the first round of French presidential election.

In France, Macron took a big step towards the presidency on Sunday by winning the first round of voting and qualifying for a May 7 runoff alongside far-right leader Marine Le Pen.

At the MCX, gold futures for June 2017 contract is trading at Rs 29056 per 10 grams, down by 1.23 per cent, after opening at Rs 29250, against a previous close of Rs 29418. It touched the intra-day low of Rs 29000.
 
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Suhani Verma

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