Weekly Gold Review: COMEX futures fail to hold onto gains, slide for second week

Gold futures failed to sustain above $4,500 per ounce as a firmer dollar and elevated Treasury yields weighed on bullion, with renewed Middle East tensions pushing oil prices higher and reviving inflation concerns. The resulting shift in rate expectations has reinforced pressure on non-yielding gold, particularly after the hawkish repricing that followed Jackson Hole. The metal did cut losses after slumping to its lowest level in nearly four weeks but still ended down around 1% for the week as a firm US nonfarm payrolls data pulled the metal lower. The prices remain under stress amid a sharp rise in global bond yields. The metal has slipped for second week in a row after dropping more than 3% in prior week. MCX Gold edged up from lows around Rs 150000 per 10 grams and hit highs around Rs 157000 per 10 grams before turning lower. A strong Indian Rupee, which hit two-month high against the US dollar, also weighed on the local futures.

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