Gold Price Steady Ahead Of Crucial French Vote

London (April 21)  Gold futures were steady Friday morning as focus shifted to an election in France that may decide the future. In a vote seen as a quasi-referendum on open Europe, nationalist Marine Le Pen is expected to emerge as a finalist for the French presidency.

Gold was up USD2 at USD1285 an ounce, having pulled up short of the USD1300 mark earlier this week.

The precious metal lost some of its safe haven appeal as stocks rallied when Treasury Secretary Steven Mnuchin said that President Donald Trump's tax overhaul will be unveiled in the near future.

Flash purchasing managers indexes for April are due at 9:45 a.m. Eastern Time, while existing home sales for March come out at 10 a.m.

A pair of Federal Reserve speakers are also scheduled for today. Neel Kashkari talks at 9:30 am ET, followed by Vice Chair Stan Fischer at 11:30 am ET.

Source: Alliance