Precious Metals Preview: Gold tanks more than 2% on Monday

COMEX Gold futures stayed slippery yesterday and lost more than 2% to $4519.50 in last session. Soaring crude oil prices and a stronger US dollar weighed on the metal. The yellow metal is near one-month low. There are some worries over Gold demand trends. 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.

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