Gold up after terrorist attack in France

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Friday as the market reacted to an terrorist attack in Paris and the investors were preparing their positions for the presidential election in France.

The most active gold contract for June delivery rose 5.3 U.S. dollars, or 0.41 percent, to settle at 1,289.10 dollars per ounce.

Investors are preparing their positions for the first-round vote of French presidential election on Sunday, which determines which two top contenders will participate in the run-off in May.

Investors are weighing the possibility of increased support for nationalist candidate Marine Le Pen after an terrorist attack on Thursday night.

Le Pen 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.

Gold was given further support as a report released on Friday by U.K.-based Market Economics showed the U.S.'s PMI composite flash at a 52.7 level during the month of April, indicating a decrease from the previous month's reading of 53.2.

Investors note that this report is now signaling weakness and potentially driving investors to gold as a safe haven.

The precious metal was prevented from rising further as a report released on Friday by the U.S.-based National Association of Realtors showed existing home sales increasing by 4.4 percent during the month of March to a 5.710 million level.

Analysts note that this is the best rate since February 2007 and is slightly above consensus expectations.

Silver for May delivery fell 16.2 cents, or 0.90 percent, to close at 17.856 dollars per ounce. Platinum for July delivery dropped 3.6 dollars, or 0.37 percent, to close at 977.60 dollars per ounce. Endit