Gold Hits near 8-Week Low as Safe-Haven Demand Amid Risk-on Sentiment

Gold Hits near 8-Week Low as Safe-Haven Demand Amid Risk-on Sentiment

Gold futures fell in morning trade on Tuesday, sliding to an eight-week low as demand for safe haven eased political concerns after France’s presidential election.

Comex gold futures fell $3.20, or about 0.3%, to $1,224.00 a troy ounce.

Spot gold was steady at $1,226.13 per ounce, after touching $1,223.34, its lowest since March 16.

The yellow metal reached its lowest level since March 16 at $ 1221.00 on Monday, with the decline in demand for safe haven after Emmanuel won the center of the market shifty friend on the extreme right-wing Marine Le Pen to rid the French presidency.

McCron’s victory indicates that political risks in France and across Europe are declining, limiting the demand for the yellow metal, which is often used as a hedge in times of political uncertainty.

The volatility indicates that monitors large-scale, which measures the implied volatility of options for US stock index is often seen as a measure of investor fear, closed nearly 8% at 9.77 on Monday, the lowest level since December 1993.

Meanwhile, the dollar index, which measures the strength of the dollar versus a basket of six major currencies, was stronger for a third straight session, gaining 0.4% to a two-week high of 99.40 in early morning trading in New York.

The weak performance of the US economy at the beginning of the year will slow down Fed plans to raise interest rates, Federal Reserve Chairman James Pollard said on Monday.

SPDR Gold holdings fell 0.14 percent to 851.89 tonnes on Monday.

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