Gold Price Today, November 17, 2025: Bullion Hovers Near $4,090 as Dollar Strength and Fed Jitters Cap Gains

Gold prices are starting the new week on a cautious note. On Monday, November 17, 2025, spot gold is trading just above the psychologically important $4,000 mark, with traders caught between lingering safe‑haven demand and a firmer U.S. dollar plus fading hopes of an imminent Federal Reserve rate cut. ^[1]

Below is a detailed look at where gold stands today in global markets and in India, what’s driving the move, and what traders and consumers should watch through the rest of the week.

Gold Price Snapshot for Today (17 November 2025)

Global benchmarks (USD)

Spot gold (XAU/USD): Major bullion dealers and data providers show spot gold around $4,080–$4,105 per ounce in early U.S. hours. JM Bullion quotes a live spot price of $4,096.40/oz (about $131.70 per gram) as of 04:57 a.m. ET, while APMEX lists $4,105.20/oz, reflecting a modest intraday gain. ^[2]
Intraday range: Data for November 17 indicate an approximate daily range between $4,050.9 and $4,106.2, with gold up only about 0.1–0.2% versus Friday’s close, underscoring a consolidating market rather than a breakout move. ^[3]
COMEX December futures (GCZ25): December 2025 gold futures on CME’s Globex platform are trading close to $4,080–$4,090 per ounce, down roughly 0.2–0.3% on the session, after last week’s sharp swings. ^[4]

Performance context

According to Reuters, gold is up about 56% so far in 2025, having hit a record high near $4,381/oz on October 20 before pulling back into the current $4,000–$4,250 consolidation band. ^[5]

Key takeaways:
Gold remains elevated by historical standards but is treading water today, with modest gains or small losses depending on the venue and time of quote. The bigger story is less about today’s percentage change and more about positioning ahead of a crucial week for U.S. economic data and Federal Reserve communication.

Why Gold Is Range‑Bound Today

1. Fed Rate‑Cut Odds Slip Below 50%

A major weight on gold this week is shifting expectations for Federal Reserve policy:

Reuters reports that odds of a 25 bps U.S. rate cut in December have fallen to around 44%, down from more than 60% a week ago, as Fed officials stress that inflation remains “too high” and policy may need to stay restrictive for longer. ^[6]
FXEmpire notes that markets now see less than a 50% chance of a cut at the December meeting, which has triggered three consecutive sessions of selling pressure in gold going into today. ^[7]

Because gold does not pay interest, higher-for-longer rates and elevated bond yields tend to dull its appeal relative to income‑producing assets. That’s a key reason why, even at such high price levels, bullion is struggling to extend October’s rally.

2. Stronger U.S. Dollar, Weaker Gold

A firmer dollar is another headwind:

Today, the U.S. dollar index (DXY) is extending last week’s rebound, making dollar‑priced gold more expensive for buyers using other currencies and limiting upside in XAU/USD. ^[8]

With the dollar modestly higher and rate‑cut odds lower, gold is effectively swimming against the current, which helps explain why prices are confined to a narrow band around $4,080–$4,100 despite still‑elevated geopolitical risk.

3. Delayed U.S. Economic Data Keeps Traders Defensive

An unusual factor this month is the backlog of U.S. macro data:

Owing to delays linked to the recent government shutdown, key reports such as the September Nonfarm Payrolls (NFP) report have been pushed back, with NFP now due on Thursday. ^[9]
FXEmpire highlights that this “data vacuum” has encouraged traders to stay parked in the dollar and maintain cautious positioning in gold and silver until they see clearer evidence on growth and inflation. ^[10]

In other words, uncertainty exists – which normally helps gold – but the market is not yet confident enough to front‑run more Fed easing, so the safe‑haven bid is muted.

4. Profit‑Taking After October’s Record Highs

Even after recent pullbacks, gold is still not far from its all‑time record:

Economic data and media coverage show that bullion surged above $4,300/oz in October, driven by concerns over global growth, central‑bank buying and persistent geopolitical tensions. ^[11]

After such a steep run, some consolidation is natural. Today’s sideways trading suggests many investors are locking in gains and waiting to see whether incoming data justify another leg higher or a deeper correction.

Global Gold Market Details: Spot vs Futures vs ETFs

Spot and Futures: Tight but Cautious Market

Spot gold (XAU/USD): Live feeds show modest gains versus Friday, with last quotes clustered just over $4,090/oz, and intraday highs slightly above $4,100/oz. ^[12]
COMEX December 2025 futures (GCZ25): Trading around $4,080–$4,090, with daily losses of less than 0.5%. The recent range between $4,032 and $4,250 is still intact, pointing to a consolidation phase rather than a trend reversal. ^[13]

Technical commentary from FXEmpire and other analysts suggests that key resistance sits near $4,112–$4,140, while stronger support appears around $4,000–$4,030. A break above that resistance zone could re‑open the path toward the old highs, while a clear break below $4,000 would raise the risk of a deeper correction toward the mid‑$3,900s. ^[14]

ETF Flows: SPDR Gold Trust Sees Mild Outflows

ETF demand is an important indicator of institutional interest:

The world’s largest gold-backed ETF, SPDR Gold Trust (GLD), shows holdings slipping to about 1,044 tonnes as of November 14, down from roughly 1,049 tonnes the previous day, a decline of around 0.47%. ^[15]

These outflows suggest that some large investors took profits after October’s spike, even as long‑term strategic demand remains robust.

Gold Price in India Today (17 November 2025)

With the rupee and local taxes in the mix, gold price trends in India can look a bit different from global USD moves. Here’s what the data shows today.

National Averages: Slight Softness After Recent Highs

Major Indian price portals report 24K and 22K rates easing slightly:

GoodReturns (nationwide average):
- 24K gold: ₹12,497 per gram (₹1,24,970 per 10g), down ₹11 versus yesterday
- 22K gold: ₹11,455 per gram (₹1,14,550 per 10g), down ₹10
- 18K gold: ₹9,373 per gram
  ^[16]
GoldInforma (nationwide snapshot at 00:00 IST):
- 24K gold: about ₹12,574.82 per gram
- 22K gold: about ₹11,526.92 per gram
- 18K gold: about ₹9,431.11 per gram
  Rates were shown as unchanged versus yesterday at that timestamp. ^[17]

The differences between these services underline an important point:

Indian retail gold prices are indicative and vary by city, jeweller, and data provider. Always confirm with your local jeweller for final rates and applicable GST / making charges.

City‑Wise Trend: Mild Dip Across Major Metros

Local media and price trackers report small declines in most big cities today:

Outlets such as Indian Express, Mathrubhumi and others note that 24K and 22K rates in cities like Delhi, Mumbai, Chennai, Bengaluru and Kolkata have eased slightly, offering limited relief to jewellery buyers after the record‑high levels seen in October and early November. ^[18]

At a broad level, even after today’s modest decline, Indian consumers are still facing historically expensive gold, mirroring the global trend.

MCX Futures: Traders Trim Long Positions

On the futures side, Indian traders are also turning cautious:

A PTI report carried by Rediff shows MCX gold futures for December delivery falling by about ₹1,229 (≈0.99%) to roughly ₹1,22,332 per 10 grams, while February contracts also eased nearly 1%. Silver futures slipped more sharply after last week’s surge. ^[19]

The move aligns with the global pattern: less confidence in rapid Fed easing + stronger dollar = profit‑taking and lighter long positions in gold and silver.

What’s Driving Sentiment: Macro and Geopolitics

Fed Messaging: “Higher for Longer” vs Inflation Risk

Between Reuters, Rediff, and FXEmpire coverage, a consistent theme emerges:

Fed officials have reiterated that inflation is still not fully under control and that policy must continue to “lean against strong demand”. ^[20]
As a result, December rate‑cut odds have tumbled, with CME FedWatch probabilities now well below 50%, versus over 60% one week ago. ^[21]

For gold, that means:

Negative: Higher real yields and a stronger dollar, which both pressure prices.
Positive (longer term): If tight policy eventually slows growth more than expected, recession fears and financial‑stability worries could revive safe‑haven demand.

Right now, the negative side of that balance is winning, hence the heavy, range‑bound feel to today’s trade.

Geopolitical and Fiscal Risks: Background Support, Not a Catalyst (Yet)

Earlier in the year and particularly in October, gold surged as:

Geopolitical tensions flared and
Markets fretted over large fiscal deficits, trade frictions and policy uncertainty. ^[22]

Those drivers have not gone away, but today they’re playing second fiddle to Fed and dollar dynamics. Traders appear to be saying: “We’ll buy more gold if the data or the Fed force a rethink on rates, or if geopolitical risk escalates again.”

Short‑Term Gold Outlook: What to Watch This Week

While today’s move is relatively modest, the rest of the week could be far more volatile. Key events on traders’ radar include:

FOMC Minutes (Wednesday)
- Markets will comb through the latest Fed meeting minutes for clues on how close policymakers think they are to cutting rates, and how worried they are about growth versus inflation. ^[23]
Delayed U.S. Nonfarm Payrolls (Thursday)
- Because of the earlier shutdown‑related delays, the September jobs report lands in a crowded week of data, magnifying its impact. Strong data could reinforce the “higher for longer” narrative, while a downside surprise might restore some enthusiasm for gold. ^[24]
Dollar and Bond Yields
- If the dollar index pulls back from current levels or U.S. Treasury yields drop meaningfully, gold could get breathing space and attempt another test of the $4,140–$4,250 area. Conversely, a renewed surge in yields could push gold back toward $4,000–$4,030 support. ^[25]
ETF and Central‑Bank Flows
- Continued outflows from GLD or weaker physical premiums in Asia would signal fading investor conviction at current prices. But any renewed accumulation by ETFs or central banks, especially at dips toward $4,000, would strengthen the case that this is a consolidation before another leg higher. ^[26]

Overall, most analysts see choppy, range‑bound trading in the very near term, with a bias that depends heavily on incoming U.S. data and Fed communication.

What Today’s Gold Price Means for Different Audiences

For Investors

Gold near $4,080–$4,100 is well above long‑term averages and only about 6–7% below its recent record peak. ^[27]
This makes it more of a risk‑management and diversification tool than a classic “bargain” play at current levels.
Short‑term traders will likely stay focused on U.S. yields, the dollar, and surprise risk in macro data, while longer‑term holders may view shallow pullbacks as routine volatility in an ongoing structural uptrend.

Important: This article is for informational purposes only and does not constitute investment advice. Anyone considering trading or investing in gold should evaluate their own financial situation and, where appropriate, seek professional advice.

For Jewellery Buyers and Retail Consumers (Especially in India)

Despite today’s small decline, 24K retail rates around ₹12,500–₹12,575 per gram mean that weddings and festival purchases remain expensive in rupee terms. ^[28]
If global prices stay range‑bound and the rupee strengthens, Indian buyers could see incremental relief in the form of a few hundred rupees per 10 grams – but a return to pre‑2025 levels would likely require a more significant correction in global bullion.
Because local taxes, making charges and jeweller margins vary, always check final invoices rather than relying solely on headline “gold rate today” tickers.

Bottom Line

On November 17, 2025, gold is:

Elevated but steady, holding just above $4,080/oz
Capped by a firmer dollar and slipping Fed rate‑cut odds
Supported longer‑term by geopolitical and fiscal worries, but not enough to retest October’s record high—at least not yet

For now, bullion sits in a nervous equilibrium: neither cheap enough to attract aggressive new buying nor weak enough to trigger panic selling. How it breaks out of this range will depend largely on this week’s U.S. data and the Fed’s next signals.

The Real Reasons Gold and Silver Prices Fell And What Happens Next