Weekly Gold Review: COMEX futures break above $5100 level

COMEX gold futures moved up impressively. The precious metals were boosted on safe haven demand amid signs of rising tensions between the US and Iran. The gains emerged despite firm cues from the US dollar as minutes from the January FOMC meeting revealed that policymakers were deeply divided over the necessity and timing of further rate cuts amid concerns about inflation. Gold broke above $5000 per ounce and hit one-week high of $5130 per ounce. Indian precious metals demand remains firm. India's Gold imports came in at Rs 109599 crore in value terms in January 2026, soaring around 372% compared to January 2025. Silver imports also spiked 139% on year to Rs 18194 crore in the month. Gold imports value in first ten-months of FY26 gained by 26% on year to Rs 543512 crore while Silver imports during the same period spiked 140% to Rs 86623 crore. Gold imports soared 194% on a monthly basis while Silver imports gained 166% on month. Meanwhile, the Multi Commodity Exchange of India (MCX) and the National Stock Exchange of India (NSE) have announced the withdrawal of additional margins on gold and silver futures contracts, effective Thursday, February 19.MCX said it will remove the additional 3% margin on all gold futures contracts and the 7% additional margin on all silver futures contracts that were introduced earlier this month. COMEX Gold futures had slumped near $4900 per ounce, tests lowest in one and half weeks before the latest rebound.

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