Gold prices were down sharply in European trading on Monday, as investors dumped safe-haven assets after results showed centrist candidate Emmanuel Macron won the first round of the French presidential election.

Comex gold futures shed $16.80, or around 1.3%, to $1,272.34 a troy ounce by 2:50AM ET (06:50GMT). Meanwhile, spot gold was at $1,271.20, down 1%.

The yellow metal fell by as much as 1.8% earlier to a session low of $1,266.00, the weakest since April 11.