25-Jul-2026 17:57

COMEX Gold futures stayed largely supported after witnessing good support under $4,100 per ounce mark and tested a two-week high around $4170 per ounce. The metal edged up as escalating Middle East tensions propelled oil prices higher though strengthening the US dollar and rising Treasury yields capped upside for the commodity. Markets remained on edge after fresh US-Iran threats, renewed attacks on Red Sea tankers, and growing concerns over disruptions to global energy and trade routes heightened inflation risks. Gold ended on a mildly bullish note for the week, adding around 1% but could see tentative moves in near term as the US 10-year Treasury yield has hit near highest level since January 2025. Meanwhile, Russia's gold reserves declined by 43.5 tonnes (1.4 million ounces) during the first half of the year, reducing the country's holdings to 2,282 tonnes, according to the Central Bank of Russia. This continues to reflect that central banking Gold demand trends are still cautious. Global central bank gold purchases dropped 21% last year, falling from 1,092 tons to 863.3 tons.

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