February 22, 2017

MTECHTIPS:-Gold holds steady at 3-month high amid European political risks

MTECHTIPS- Gold prices were little changed in European morning trade on Tuesday, holding steady near the prior session’s three-month high as investors sought the perceived safety of the yellow metal amid growing concerns over political risks in Europe and around the globe. Gold for April delivery on the Comex division of the New York Mercantile Exchange tacked on 25 cents, or less than 0.1%, to $1,232.45 a troy ounce by 5:30 AM ET (10:30 GMT), after rallying $11.30, or almost 1%, a day earlier. Prices of the yellow metal touched $1,237.50 on Monday, the most since November 11. Investors were largely focused on French politics, as far-right National Front leader Marine Le Pen launched her presidential bid over the weekend, vowing to fight globalization and take France out of the euro zone. Apart from France, market players also have to factor in elections in other parts of the European Union this year. Dutch elections are in March followed by Germany in September. In Italy, another presidential election looms, even as former Italian prime minister Matteo Renzi said he was willing to shelve his push for early voting. Traders also eyed political risk elements in the U.S., with President Donald Trump’s administration on the back foot over its immigration and other policies

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