Weekly Gold Review: COMEX futures recover, add 2.5% for the week

COMEX Gold futures hit one-week high of $3370 per ounce as global trade concerns kept the metal supported. The counter added around 2.50% for the week. The US President Donald Trump announced a 35% tariff on Canadian imports and also talked about blanket tariffs of 15% to 20% on most of America's trading partners and announced plans to make a 'major statement' on Russia. This kicked in safe-haven demand for Gold and the metal rose despite the strength in the US dollar index. COMEX Silver futures spiked above $39 per barrel to hit around 14-year highs as sentiments stayed well supported for the metal despite a muted action in Gold and Copper. Broad demand trends are positive. The Silver Institute had noted at the start of the year that global silver market is forecast to record another significant deficit (total supply less demand) for the fifth consecutive year in 2025. Silver industrial demand will remain the key driver of this favorable supply-demand setting, with volumes projected to hit a new record high this year. Global silver demand is expected to remain broadly stable in 2025 at 1.20 billion ounces, as gains in industrial applications and retail investment will be mitigated by weaker jewelry and silverware demand.

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