Gold fell by more than 1 percent on Monday, marking its biggest tumble in over a month, after the market's favored French presidential candidate won the first round of the country's election, easing concerns about a potential political shock.
Centrist Emmanuel Macron took a big step towards the French presidency on Sunday by winning the first round of voting, with the latest opinion polls showing him as strong favourite to beat far-right candidate Marine Le Pen in the final run-off.
The news represented a huge defeat for anti-European Union forces on the right and left of French politics, sent European shares and the euro vaulting higher and sparked a sell-off in safe-haven bullion.
Spot gold was down 0.68 percent to $1,275.31 per ounce, after falling to a near two-week low of $1,265.90 earlier in the session.
U.S. gold futures for June delivery were down $11.60 to settle at $1,277.50 an ounce.