Weekly Gold Review: COMEX futures tumble around 11% this week as global monetary policy action weighs on sentiments

COMEX Gold futures slumped as a drop under $5000 per ounce mark stayed in place. In a key update for the metal, the US President Donald Trump has stated that he is considering winding down military operations against Iran. Despite signs of some bargain hunting and lingering geopolitical concerns, the yellow metal has extended losses on a resilient United States dollar and the Federal Reserve’s firm policy stance. Global monetary policymakers are signaling that any pivot toward rate cuts remains contingent on a clearer moderation in inflation. A synchronised pause from major central banks—including the European Central Bank, Bank of Japan, and Bank of England also weighed on the metal. The US government bond yields surged as investor concern intensified over the inflationary impact of the Iran war-driven global energy shock. The yellow metal tanked around 11.20% to close at $4492 per ounce in the week gone by. It tested around seven-week low.

Meanwhile, World Gold Council or WGC has stated that ddespite strong macroeconomic credentials, Indian financial markets have delivered softer returns amid currency weakness, subdued capital flows, rising global uncertainty. India's Gold imports came in at Rs 67563 crore in value terms in February 2026, soaring around 232% compared to February 2025. Silver imports also spiked 301% on year to Rs 15054 crore in the month. Gold imports value in 11 months of FY26 rose by 35.50% on year to Rs 611067 crore while Silver imports during the same period soared 155% to Rs 101676 crore. However, Gold imports slipped 38.40% on a monthly basis while Silver imports also dropped 17.30% on month. MCX Gold futures witnessed heavy selling too, breaking under Rs 150000 per 10 grams mark and testing lows around Rs 141000 per 10 grams.

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