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Gold prices rose to a record high of N$ (Argentinan Peso) 84,558 on Monday, as investors were spooked by the prospects of populist left-leaning Peronist administration in Buenos Aires, which favors greater state control of the economy and opposes a landmark trade deal with the European Union.

Argentina’s Merval index fell 38% lower on Monday after pro-business President Mauricio Macri faced defeat in a primary election Sunday against Peronist candidate Alberto Fernández.

Argentinian Peso also dropped close to 30% to hit a record low of 62.8455.