Gold tanks on French election

25 April, 2017

Gold tanks on French election

The gold price has pulled back sharply today after yesterday’s French election results which saw both pro and anti EU candidates make it to the 2nd round.

At 6.39pm (GMT) gold was trading at $1,275, after hitting a low of $1,265 earlier in the trading session and down from $1,283 yesterday.

In the run up to yesterday’s vote, gold had been gaining ground at the prospect that not one but two Anti EU candidates might square off in the 2nd round but in the end the winners were Emmanuel Macron and Marie Le Pen.

Macron, who is Pro European and business friendly is almost assured of victory in the second round of elections in May which brought a sense of calm over the markets and had investors searching for bigger returns,

"Macron is the favorite of the markets, so there's been a collective sigh of relief," explained Tony Farnham at Australian stockbroking and financial services firm Patersons Securities overnight.

"As a result there was an exit out of the safe haven of gold into riskier investments like stock markets and foreign currency exchange." He added.

The precious metal may have further to fall now that the threat of  France possibly leaving the EU and ditching the Euro has subsided but it may receive some support on the back of continuing tensions between North Korea and the US the former’s nuclear weapons program.

"Gold prices have fallen sharply this morning due to the improvement in risk sentiment," agreed Singapore-listed bank OCBC' analyst Barnabas Gan.

"It does remove some of the suspense and risk-off sentiment we saw late last week." He added.


Source link  
Rates in Australia going up or down?

The Australian dollar can’t seem to find a direction in today’s trading session after yesterday’s losses following the latest minutes from the Reserve...

Wage growth boosts pound

The British pound received another boost today against its US counterpart after a round of solid local data which follow’s on from news earlier in the week...

Gold remained largely range bound

Gold has remained largely range bound over the past 4 trading sessions but it seems as the today there is momentum gaining to the upside and the formation...


Stagflation a threat to US dollar

The US dollar jumped suddenly after yesterday’s release of better than expected inflation data and then suddenly reversed into negative territory which...

Gold made a run for the $1365 mark

If we look at the arrow on the weekly gold price chart we can see that a resistance point that was first encountered in around august of last year...

Gold awaits direction of Stockmarket

The gold price has remained in a tight range over the last 3 trading sessions as equity markets in the US continue to swing wildly and are now down...


US dollar in for a tough year

The US dollar finished off 2017 mostly weaker against the major currencies despite 3 rate hikes from the US Federal Reserve and although...

RBA misleads investors on AUD

The Australian dollar has dropped sharply in today's Asian trading session on the back of disappointing data and throws into question yesterday...

Brexit doubts pressure pound

The British pound has enjoyed a good run against its US counterpart ever since rumors spread that the EU and the UK were close to reaching a deal...


In the past 24 hours Bitcoin has lost -0.38% and reached $8809.48. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has gained 0% and is now at $0. Start trading and making money on Forex today.

In the past 7 days Ethereum has gained 20.8% and is now at $628.792. Have the most popular cryptocurrencies compared online 24/7.


Top Brokers offering Daily Forex Market Reviews


Forex Currencies Forecasts


Top 10 Forex Brokers 2018

# Broker Review
1easyMarketseasyMarkets90%
2FXTMFXTM87%
3HYCMHYCM85%
4FxProFxPro84%
5FIBO GroupFIBO Group82%
6FXCMFXCM70%
7XMXM68%
8Fort Financial ServicesFort Financial Services67%
9Alfa-ForexAlfa-Forex66%
10HotForexHotForex66%
  


Share: