Gold futures ended lower Monday, losing ground after France's first-round presidential election result soothed fears the country could eventually move to bolt the euro and the European Union. June gold on Comex dropped $11.60, or 0.9%, to close at $1,277.50 an ounce, but off of a session low at $1,266. Gold and other traditional havens, such as Treasurys and the Japanese yen, suffered after centrist Emmanuel Macron scored a first-place finish in the first round of France's presidential election on Sunday. Macron will go up against second-place finisher Marine Le Pen, who has called for France to exit the euro, in a May 7 runoff. Macron holds a large lead in opinion polls.
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