(22 Mar 2025, 13:09)

Weekly Gold Review: COMEX futures hit fresh highs as break above $3000 per ounce sustains

COMEX Gold futures surged near US$3065 per ounce, hitting another record high as US rate cut expectations and safe-haven demand boosted sentiment. The US Fed held rates steady but reaffirmed its projection for two cuts this year, keeping pressure on the dollar. Middle East tensions escalated as Israel resumed targeted operations in Gaza and the US continued strikes on Houthi targets, with Trump warning Iran of consequences. Global trade worries also persisted, with new tariffs set to take effect in April after the US imposed a 25% duty on steel and aluminum in February. The metal eased from these highs but ended the week with a near 1% gain. COMEX Gold futures have stayed well supported after the recent break above $3000 per ounce put the counter in a different trajectory altogether. MCX Gold futures edged up near Rs 90000 per 10 grams before witnessing some volatility. A sustained bout of strength in the Indian Rupee led to accelerated losses for local Gold futures from these levels. INR neared 86 per US dollar, hitting near two month high. This eventually played a part in pulling MCX Gold futures under Rs 88000 per 10 grams. Indian demand trends will be in focus from hereon following the stunning spurt in Gold prices in recent months. India's Gold imports came in at Rs 20354 crore in value terms in February 2025, down 60% compared to February 2024. However, Gold imports value in first nine months of current fiscal rose by 23.70% on year

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Weekly Gold Review: COMEX futures hit fresh highs as break above $3000 per ounce sustains