Weekly Gold Review: COMEX futures approach record high

COMEX Gold futures neared all-time high mark and ended around $3450 per ounce on Friday. The metal inched closer to record levels as investors rushed to safety after Israel launched a heavy strike on Iran?s nuclear sites and Iran also retaliated. Heightened fears of a wider Middle East conflict pushed safe-haven buying across global markets, lifting bullion sharply. The geopolitical stress pushed up Gold above $3400 per ounce mark and the metal managed to hold onto gains. Adding further fuel to gold?s rise, weak US consumer and producer inflation figures this week strengthened bets for more Fed rate cuts. Besides, growing uncertainty over US trade policy after President Donald Trump threatened to impose unilateral tariffs is also keeping the yellow metal supported. COMEX Gold soared around 3.20% for the week. MCX Gold futures moved up in tune with the global prices as a break above Rs 100000 per 10 grams extended. The counter was further supported by weak Indian Rupee that tested two-month low. MCX Gold ended around Rs 100300 per 10 grams mark.

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