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Gold dumped as Macron & Le Pen head to runoffs
Gold gapped lower and extended losses to $1266; the lowest level since Apr 11 after Le Pen finished behind Macron in the first round of the French elections. Relief for markets & for polls The risk-on action could be attributed to the fact that the worst case scenario of Le Pen-Melenchon for the runoff has been avoided. Moreover, polls got it right this time and thus the results are not only a relief for the markets, but also for the polls, who had lost credibility following the Brexit and US election disaster. The offered tone around the safe haven metal remains intact, despite the mild recovery to $1272/Oz. ... (full story)
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