Gold hits its lowest in nearly two weeks on Monday after centrist candidate Emmanuel Macron won the first round of French presidential election, boosting stocks and sparking a sell-off in the safe-haven bullion.
Spot gold was down 0.7 percent at $1,275.46 per ounce by 0342 GMT, after falling to a low of $1,265.90 earlier in the session.
WHAT’S HAPPENING TODAY
The yellow metal was trading 0.94 per cent, or Rs 278, down at Rs 29,140 per 10 gram, while the white metal silver was down 0.69 per cent, or Rs 283, at Rs 41006 per 1 kg. Angel Commodities in a research note said, “We expect gold prices to trade sideways on Monday as uncertainty looms with regards to the two favourable candidates in The French election, the second round result will be declared on May 8. Besides, inflows in the SPDR gold trust will also boost gold prices in the near term. ON the MCX, gold prices are expected to trade lower on Monday following international markets.”