Gold and Bullion Miners Tumble as French Vote Cuts Haven Demand
- Investors favor risk as Macron expected to win French election
- Traders’ focus may turn back to U.S. rates, Dahdah says
Future of France: Macron and Le Pen Go Head-to-Head
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Gold futures fell to the lowest in almost two weeks and bullion mining stocks sank as investors favored riskier assets on expectations that Emmanuel Macron will become France’s next president. Copper and other industrial metals rose.
Gold slipped as much as 1.8 percent in New York and a Bloomberg Intelligence gauge gold miners plunged as much as 2.7 percent after pro-growth centrist Macron and nationalist Marine Le Pen won the first-round vote on Sunday. Le Pen, who wants to take France out of the euro and cut immigration, has trailed Macron in almost every opinion poll for the runoff. A second round takes place on May 7.