French elections results cast shadow over gold prices

Gold prices hovered near a one-week low on Monday after opening with a downward price gap, as investors shun safe havens following the first round results of France's presidential elections. 

Optimism improved in the markets, with investors buying up stocks and euro and moving away from safe havens such as gold and yen. 

Centrist Emanuel Macron won the first round of French elections, moving into the final round with far-right candidate Marine Le Pen, which caused tensions in the markets since announcing her intention to exit France from the European Union like Britain. 

Euro surged today while the dollar tumbled to a three-week low, but that failed to support prices amid mounting pressure due to its status as the most important safe haven in markets. 

Gold last traded at $1,272.52 an ounce, compared to the opening of $1,275.1, with a session-high at $1,277.26, and a low at $1,265.3.