Gold slips nearly 1% as stock surges after French elections : 24 Apr 2017

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The yellow metal dipped nearly 1% to its weakest in two weeks after centrist Macron led the 1st round of voting in French presidential elections, boosting stocks and a sell-off on gold.

By 0057 GMT, spot gold was weak by 0.9% to $ 1273.17 per ounce. Bullion prices tumbled to touch a low of $1265.90 earlier in the session.

U.S. gold futures were down 1.1% at $1274.70 per ounce.

The euro jumped to 5 months high against the dollar in early Asian trading, while U.S. stocks index futures rose sharply on Sunday. SPDR Gold trust surged 0.52% to 858.69 tonnes in Friday’s session.

As per data disclosed in Friday’s trading session, Hedge funds and other money managers increased their net long position in COMEX gold for 5th straight week to April 18, lifting it to a 5- month high.

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