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Updated 09:50 26/10/20

Nerves ahead of the French election

By Daryl Jackson, News Editor

07 Feb 2017

Nervousness ahead of the French election lifted gold to a three-month high of $1,237.17 an ounce in early trade.

It has since treated slightly on the back of the dollar strength, but safe-haven assets such as gold are back in focus thanks to the French presidential election and Trump.

When it comes to gold, Naeem Aslam, of Think Markets, said: "Nothing has changed- fundamentals are still the same and we think that the pullback could be an opportunity to get back in, if you have missed the move.

"We still maintain our target of $1250 for gold, because the Fed may not be able to increase the interest rate next month.

The dovish rhetoric from Mr. Trump would keep the pressure on the dollar which will help gold to regain its mojo. Moreover, French and German elections are going to produce a lot of tailwinds for the gold rally. The demand out of China and India for physical metal is still strong – so why sell gold!"

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