MTECHTIPS;-Gold sinks as investors ditch safe-haven trade

MTECHTIPS;-Gold sinks as investors ditch safe-haven trade

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MTECHTIPS-Gold prices edged lower on Tuesday, despite a slump in the dollar, as investors continued to favor riskier assets for the second straight day. Gold dropped to its lowest level in two-weeks, as risk on sentiment continued to dominate asset flows, after recent polls pointed to an easy victory for pro-EU candidate Emmanuel Macron in the runoff vote for the French presidency, scheduled for May 7. Gold for June delivery on the Comex division of the New York Mercantile Exchange dipped $11.66, or 0.91%, to $1,265.85 a troy ounce by 13:50 EDT. Gold failed to capitalize on a broad based dollar selloff, as the dollar index fell for a second straight day pressured by a strong rally in the euro. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell by 0.29% to 98.62 by 13:46 EDT. Meanwhile the release of mixed U.S. economic data failed to stem the slump in gold prices, as new U.S. home sales rose to an eighth-month high in March while consumer confidence fell in April. New U.S. home sales surged to an eight month high in March, which added to the narrative of a strengthening U.S. economy.

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