Weekly Gold Review: COMEX Futures stay slippery amid firm US dollar

COMEX Gold futures eased amid firm US dollar after President Trump appeared dissatisfied with Iran?s latest proposal to end the war. The yellow metal tested 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. World Bank has stated in its latest Commodity Markets Outlook that following strong gains in 2026Q1 amid extraordinary volatility, gold prices are projected to average $4,700 per troy ounce in 2026, up 37 percent from 2025. Overall, the precious metals price index is expected to increase by 42 percent in 2026 as gold, silver, and platinum prices all reach records. Further escalation of geopolitical tensions or uncertainty could lift precious metals prices even higher. Meanwhile, India? Gold Jewellery demand took a hit in first quarter of the year, according to data from World Gold Council or WGC. India?s total Gold Jewellery purchases stood at 66.1 tonnes in Q1, down around 18% compared to 81.6 tonnes in same quarter last year. WGC stated that global jewellery demand sank to its lowest quarter since Covid, dipping below 300t (albeit fractionally) for only the second time in our data series. However, in contrast, demand value increased 31% y/y to US$47 billion ? a record first quarter spend on gold jewellery due to soaring Gold prices.

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