Precious Metals Preview: COMEX Gold supported on steady demand trends

COMEX Gold prices climbed above $4,700 per ounce last week, extending gains from the previous session as renewed clashes between the US and Iran boosted safe-haven demand and revived inflation concerns. Tensions remained elevated after reports that US Navy destroyers intercepted Iranian attacks and carried out retaliatory strikes near the Strait of Hormuz, although President Trump stated that the ceasefire agreement remains in place. Investors are also closely watching Iran?s response to a US proposal aimed at reopening Hormuz and ending the nearly 10-week conflict. Meanwhile, Gold demand is supportive and could keep the metal elevated in near term. World Gold Council or WGC stated that global gold ETF flows flipped positive in April, adding US$6.6 billion and pushing their total AUM 1% higher to US$615 billion. All regions recorded positive flows, with Europe (+US$3.7 billion) leading the charge; Asia (+US$1.8bn) and North America (+US$1 billion) also saw notable inflows. Despite a m/m decline in April, global gold trading volumes stayed above the 2025 average. The global gold ETFs had seen record outflows of US$12 billion in March.

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