Weekly Gold Review: COMEX futures see excellent spike to hit $4400 per ounce

COMEX Gold futures rallied around 7% this week and broke above $4400 per ounce mark. The metal neared two-month high following this spurt as weak US dollar boosted metals. The weekly gain this week marks the best performance for the metal since week ended January 23, 2026. Gold extended its upward momentum amid a weak US July jobs report that pulled the US dollar index to three-month low. Meanwhile, the World Gold Council or WGC stated in a latest update that global gold backed ETFs added US$3 billion in July, reversing two consecutive months of outflows. Inflows were broad-based, with all regions contributing, led by European-listed funds. Positive flows, together with a higher gold price, lifted global gold ETF assets under management (AUM) by 1% to US$530 billion. Collective holdings rose by 23 tonnes to 4,068 tonnes, remaining below the record high of 4,176 tonnes, reached on 27 February 2026. It noted that y-t-d, global gold ETF inflows amounted to US$11 billion, equivalent to 39 tonnes increase in holdings. Asian-listed funds remained the largest contributor to global inflows over the period, followed by Europe. North America, meanwhile, remains in net outflow territory. MCX Gold futures also raced higher on upbeat global cues and broke above Rs 150000 per 10 grams mark.

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