Gold slumps near $4900 per ounce, tests lowest in one and half weeks

COMEX Gold futures slumped in Asia, testing lowest in one and half weeks as lack of cues from Chinese markets and profit selling pressure weighed on the mood. The counter currently trades at $4916 per ounce, down 2.60% on the day. The US dollar index is hovering around 97 mark. Geopolitical worries stay in place ahead of second round of nuclear talks between the US and Iran. Gold is also suffering from tepid speculative buying. Precious metals speculators continued to cut their net long position in the Gold futures, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC). The non-commercial futures contracts of Gold futures, traded by large speculators, hedge funds and retailers, totaled a net position of 160012 contracts in the data reported through February 10, 2026, recording a tumble of 5592 contracts from the previous week. The net longs have dipped to 22-month low.

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