Gold prices retreated today following a notable increase last week, hovering near $2,359 per ounce.
The decline comes after the People’s Bank of China reported no additions to its gold reserves for the second consecutive month in June, as noted by the World Gold Council. This development has raised concerns among investors, according to Giovanni Staunovo, a research analyst at UBS Switzerland AG.
Despite Monday’s dip in bullion prices, European equities managed to recover some ground following France’s unexpected election outcome. Investors had been apprehensive about the potential implications of a far-right victory, which could have led to significant policy shifts. However, the indecisive result has tempered concerns, potentially limiting the influence of both the left-wing coalition and Marine Le Pen’s National Rally.
In London, gold fell by 1.4% to $2,358.95 per ounce at 6:40 p.m. local time.
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