Gold prices rose slightly on Friday as investors awaited the first-round of voting in the presidential French election at the weekend and possible announcements about tax changes in the United States.
“The big news over the weekend will be the French election and the market will be to an extent on hold ahead of that,” said Mitsubishi commodities analyst Jonathan Butler.
“You would have thought with the Champs-Elysees attack that you would have got a little more safe-haven buying ahead of the French election,” said Rob Haworth, senior investment strategist for U.S. Bank Wealth Management in Seattle.
(Reuters)Gold prices rose slightly on Friday as investors awaited the first-round of voting in the presidential French election at the weekend and possible announcements about tax changes in the United States.
“If you’re in the gold market, there’s already stretched speculation and there’s not a lot of new news to drive it.
Gold steady as investors adopt cautious tone ahead of French elections
As it stated in London — Gold prices treaded water on Friday as investors awaited the outcome of weekend French elections and possible announcements about tax cuts in the US.
“Into the near term, if the geopolitical tensions intensify, there is a chance that gold prices will reach $1,300 or more,” OCBC analyst Barnabas Gan said.
Spot gold was up 0.1% at $1,282.59/oz at 10.50am GMT, on track for its first weekly drop in six.
Gold was at risk of some profit-taking after its strong recent run, but should be supported by other factors, analysts said.
“Gold struggled to hold this week’s gains as the dollar strengthened and concerns over global risk eased.
Gold holds steady as investors turn cautious ahead of French polls
As it stated in Gold held steady on Friday, with safe-haven demand remaining intact as investors kept an eye on the upcoming French presidential vote that is seen as too close to call.
US gold futures slipped 0.2 per cent to $1,281.40.
Spot gold was down 0.1 per cent at $1,280.01 per ounce, as of 0722 GMT, on track for its first weekly drop in six.
SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.76 per cent to 854.25 tonnes on Thursday.
Platinum slipped 0.7 per cent to $970.90, while palladium rose 0.2 per cent to $798.55, after rising over 3 per cent in the previous session.