Opening at $1,269.44 on Monday, buyers steadily bid up the price per ounce of gold to a close of $1,277.53. This would prove to be the high for the week as after-market selling took the quote to an opening of $1,267.53 on Tuesday. Amid analysis that far-right candidate Marine Le Pen is unlikely to win the French presidential election and the release of President Donald Trump’s tax reform plan, gold prices pulled back on Wednesday morning before reaching a high of $1,269.61. 1 2 On Thursday, the spot gold price chart reported an opening of $1,261.86 as the market slowly accepted that the impact of any potential U.S. tax legislation would probably not be immediate. There was a gradual upswing in gold prices until the Friday close of $1,267.22.

Many speculators moved to the euro, which hit a five-month high, and securities last week. This is seen by some as a key factor in the correction of gold and silver prices. With gold up more than 10 percent on the year going into mid-April, the recent giveback still leaves it with a strong year-to-date performance. 3

While many Europeans breathed a sigh of relief when Le Pen seemed to garner less support in the first round of French elections than had been indicated, concerns will remain until the final vote on May 7. Likewise, the Federal Reserve’s Open Market Committee will reveal its plans for further rate increases this Wednesday.