Gold dropped to an eight-week low on Tuesday as safe-haven demand continued to fade in the wake of Emmanuel Macron's victory in the French election and as expectations for tighter U.S. monetary policy lifted bond yields. Revived appetite for riskier assets also pushed global stocks to record highs, while the U.S. dollar index rallied. Rising stocks and higher bond yields raise the opportunity cost of holding non-yielding bullion, while a stronger dollar makes gold more expensive for holders of other currencies. 

The spot gold price was down 0.8 percent at $1,215.81 an ounce by 2:19 p.m. EDT (1819 GMT), after falling below its 100-day moving average to $1,214.39, the lowest since March 15. U.S. gold futures settled down 0.9 percent at $1,216.10.

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