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USAGOLD/Peter Grant/04-24-17
Gold retreated below the 1270 level as global risk appetite surged in the wake of the French election results. As anticipated, Emmanuel Macron and Marine Le Pen will advance will advance to the run-off election on May 7, with the former favored to win.
This is the first time in more than sixty-years that the two main political parties in France do not have a candidate in the run-off, reflecting the ongoing dissatisfaction with the political status quo. To the relief of many, at least one of the finalist is a euro-friendly centrist that started his own party to get into the race.
The revived risk appetite has caused the euro and equities to surge. The dollar index fell to pressure the 98.86 low from late March, which has limited the downside in the yellow metal somewhat. Persistent geopolitical tensions continue to help underpin gold as well.
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