Gold, Silver Prices Rise After Macron’s French Election Win

Gold, Silver Prices Rise After Macron's French Election Win

Gold and silver futures rose in early trade on Monday, up from a seven-week low touched last night by buying precious metals from investors, retailers and industries in the wake of Emmanuel Macaron, who won the French presidential election.

Comex gold futures tacked on around $6.50, or about 0.5%, to $1,233.30 a troy ounce.

At the MCX Gold was trading 0.14 per cent, or Rs 38, up at 28,110 in morning trade.

Meanwhile, spot gold was at $1,232.90.

Also on the Comex, silver futures rose 14.3 cents, or 0.9% to $16.41 a troy ounce.

At the MCX Silver was up 0.56 per cent, or Rs 214, at Rs 38,232 per 1 kg.

European Union (EU) President Emmanuel Macaron has won the European Union’s ultimatum for the resignation of French President Marin Le Pen in the second round of elections on Sunday.

With almost all the votes counted, the results showed that Macron had topped 66% versus just under 34% in Le Pen, resulting in a result most investors hoped for.

The victory of Macron indicates that political risks in France and across Europe are declining, following the popular increase that led to Britain’s exit from the European Union and pushed Donald Trump to the White House.

French elections have been overshadowed by the US jobs report on Friday, which showed that the economy added 211 000 jobs last month, surpassing expectations of a profit of 185 000, and the unemployment rate fell to 4.4 percent, the lowest level since 10 years.

The report also showed that the previous month’s figure of 98,000 people had been revised to less than 79,000.

SPDR Gold Trust holdings stood at 853.08 tonnes, remain unchanged from previous business day.

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