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Weekly Gold Review: COMEX Futures See Volatile Moves Amid Middle East Tensions
(20-Apr-2024, 12:17 Hours IST)  
Gold futures saw volatile moves after hitting fresh highs of around $2450 per ounce. The metal eased from these levels but was supported by safe-haven demand amid rising geopolitical risks in the Middle East. The metal has gained over 15% so far this year and closed the last week just above $2400 per ounce mark. Recent geopolitical events include Israeli missiles targeting a site in Iran, believed to be in retaliation for an attack on Iran's embassy in Syria. Gold also tracked a moderation in Indian bullion demand trends following the massive spurt in prices over last few weeks. Local retail sport Gold prices have hit Rs 73000 per 10 grams in major trading centres compared to around Rs 63000 per 10 grams at the start of the year 2024. This is being reflected in the import figures too. India's Gold imports stood at Rs 12722.03 crore in value terms in March 2024, down 53% compared to March 2023. Gold imports in FY24 rose by 34.50% compared to FY23. MCX Gold futures had almost hit Rs 74000 per 10 grams mark in mid April 2024 before moderating and have been consolidating just under Rs 73K thereafter.

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