Gold Futures Prices Firms as French Election Looms

Gold Futures Prices Firms as French Election Looms

Gold futures prices were little changed on Thursday, as investors stayed cautious amid the first round of the French presidential election over the weekend.

Comex gold futures shed $2.40, or around 0.2%, to $1,281.50 a troy ounce. Meanwhile, spot gold held steady at $1,280.00.

Meanwhile, Gold for delivery in far-month August was trading lower by Rs 64, or 0.22 per cent, to Rs 29,363 per 10 grams in morning trade in India.

Gold futures were well supported as market players sought shelter in precious metals ahead of Sunday’s French presidential election, which is still too close to the call.

A poll by Harris Interactiv earlier showed 25 percent of voters planned to vote for center-right Emmanuel Macaron in the run-up to the first round of voting on Sunday, ahead of Marin Lupan, leader of the far-right National Front party, on 22 percent.

The Republican candidate, Francois Fillon, 19%, and the left-wing candidate Jean-Luc Melenchon was also 19%.

The poll also showed that Macron won well on Lu Ban in the second round of voting two weeks later, 66 percent to 34 percent.

Investors fear a second round of the round could be held between Euromilchon and Liban, who want to put EU membership in the country to vote.

Traders attributed the decline in silver prices in futures trade to a weak trend in precious metals in global markets and profit booking by speculators.

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