Tuesday, 25 April 2017

Gold steady after French election, North Korea worries support

Gold held steady on Tuesday after a sharp fall in the previous session on a market-friendly French presidential vote, although tensions over North Korea offered support for safe-haven bullion.

FUNDAMENTALS

* Spot gold was unchanged at $1,275 per ounce by 0115 GMT. Bullion prices fell about 0.7 percent in the previous session after touching $1,265.90, the lowest since April 11.

* U.S. gold futures were down 0.1 percent at $1,276.60 an ounce.

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

* The news represented a defeat for anti-European Union forces on the right and left of French politics, sent European shares and the euro vaulting higher and sparked a sell-off in safe-haven bullion.

* U.S. President Donald Trump said on Monday the U.N. Security Council must be prepared to impose new sanctions on North Korea as concerns mount that it may test a sixth nuclear bomb as early as Tuesday.

* The launch of the London Metal Exchange's new precious metals contracts will be delayed until July 10, more than a month later than previously announced, it said on Monday.

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