Gold posts minor gain as investors monitor geopolitics

Gold futures on the COMEX division of the New York Mercantile Exchange rose slightly on Thursday while investors were monitoring the first-round vote of French presidential election.

The most active gold contract for June delivery rose 0.4 U.S. dollars, or 0.03 percent, to settle at 1,283.80 dollars per ounce.

Gold was given support as investors are preparing their trading positions for the potential choice on Sunday of French presidential candidate Marine LePen as one of two final candidates for the run-off in May.

LePen is generally seen by the markets as a potentially destabilizing factor as she has promised to hold a referendum on French participation in the European Union, which has led some investors to fear a repeat of Brexit.

Another support for gold was a weekly report released by the U.S. Department of Labor on Thursday, showing jobless claims for the week ending on April 15 had increased by 10,000 to a 244,000 level.

The precious metal was prevented from rising further as the U.S. Dow Jones Industrial Average rose by 185.46 points, or 0.91 percent as of 18:50 GMT. Analysts note that when equities post gains, the precious metal usually goes down.

Silver for May delivery fell 14.4 cents, or 0.79 percent, to close at 18.018 dollars per ounce. Platinum for July delivery rose 10.9 dollars, or 1.12 percent, to close at 981.20 dollars per ounce. Enditem