Gold tanks under $4600 per ounce

COMEX Gold futures fell today as investors awaited the Federal Reserve?s monetary policy meeting outcome later on tonight. The metal lost more than 2% on Tuesday, hurt by persistent inflation concerns after President Trump appeared dissatisfied with Iran?s latest proposal to end the war and as investors awaited the Federal Reserve?s monetary policy meeting this week. The yellow metal currently trades at $4570 per ounce, down 0.70% on the day and lingering around one-month low. There are some worries over Gold demand trends as well. World Gold Council or WGC has stated that total Q1 2026 global gold demand, including OTC, was 2% higher y/y at 1,231 tonnes (t). This modest growth in volumes combined with gold?s exceptional price rise, generated a 74% jump in the value of quarterly demand to a record US$193bn. WGC further noted that the global supply of gold increased in Q1 by 2% y/y to 1,231t. Modest growth in mine production together with a 5% uptick in recycling generated the increase. MCX Gold futures are trading at Rs 149283 per 10 grams, down 0.50% on the day. The selling spree accelerated after the counter broke under Rs 150K.

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