Gold Price Today, November 24, 2025: Spot Gold Near $4,140 as Markets Bet on Fed Rate Cut

Gold prices on Monday, 24 November 2025, climbed back above the $4,100 mark, with most major data providers showing spot gold trading around $4,140 per ounce in late New York dealings after an intraday swing of more than $100. ^[1]

Growing expectations of a U.S. Federal Reserve rate cut in December, a still‑firm dollar and ongoing geopolitical uncertainty combined to shape a volatile but ultimately positive session for the yellow metal. ^[2]

Key takeaways for 24 November 2025

Spot gold hovered around $4,140/oz, with an intraday range roughly between $4,045 and $4,150. ^[3]
The London AM/PM fixes were set near $4,067.95 and $4,082.05, respectively, only modestly above last week’s levels. ^[4]
Market odds of a December Fed rate cut climbed toward 75–80% after dovish remarks from Fed officials, supporting gold even as the dollar stayed near six‑month highs. ^[5]
In India, benchmark gold futures and retail prices eased between about 0.7% and 1.2%, offering some relief to buyers despite the firm international dollar price. ^[6]
Analysts describe the short‑term trend as neutral, with key support just below $4,000 and resistance around $4,130–$4,200. ^[7]

Global spot gold price on 24 November 2025

Across major live pricing platforms, spot gold on Monday traded in a broad band, with:

A low near $4,045.84 and
A high around $4,150.45
And an indicative daily price around $4,141.15 per ounce, equivalent to roughly $133.14 per gram. ^[8]

By early evening in New York, bid prices on key spot feeds were clustered just above $4,140, with some providers showing quotes near $4,143 per ounce, up modestly on the day. ^[9]

The London bullion benchmark reflected the same upward bias but with less drama: the AM fix at $4,067.95 and PM fix at $4,082.05 were only slightly higher than Friday’s PM level of about $4,072.85, underscoring a grind higher rather than an explosive breakout. ^[10]

Intraday newswires captured that evolution:

Earlier in the European session, spot gold was still near $4,065/oz, with December U.S. futures marginally lower as traders weighed a firm dollar and upcoming U.S. data. ^[11]
By early afternoon U.S. time, spot gold had gained roughly 1.2% to about $4,111.86, while December futures settled around $4,094.20, as markets grew more confident that the Fed will cut rates next month. ^[12]
Late‑session coverage from U.S. business media put spot gold near $4,134–$4,135 by around 5 p.m. in New York, describing the move as part of an ongoing consolidation after October’s record highs above $4,380. ^[13]

Put simply: gold spent most of 24 November oscillating around the $4,100 pivot, dipping early, then climbing as rate‑cut expectations firmed.

Why gold moved: Fed signals, a strong dollar and delayed U.S. data

Rate‑cut bets dominate the narrative

The dominant theme in Monday’s gold trade was the prospect of another Fed rate cut at the December meeting:

New York Fed President John Williams reiterated last Friday that U.S. interest rates could move lower “in the near term” without jeopardizing the inflation goal. ^[14]
On Monday, Fed Governor Christopher Waller echoed support for further easing, reinforcing the idea of a quarter‑point cut in December. ^[15]

Futures markets responded quickly: probabilities for a December cut jumped into the 70–80% range, up sharply from around 40% just a week earlier, according to CME FedWatch and swap‑market pricing cited in international coverage. ^[16]

For gold, lower expected interest rates matter because the metal pays no yield; a lower‑rate environment narrows the gap versus bonds and cash, making bullion more attractive as a store of value.

A stubbornly firm U.S. dollar

At the same time, the U.S. dollar index stayed close to six‑month highs, a classic headwind for gold because the metal is priced in dollars and becomes more expensive for non‑U.S. buyers. ^[17]

This tug‑of‑war—dovish Fed vs. firm dollar—helps explain Monday’s choppy pattern:

Early in the day, the dollar strength dominated, leaving spot gold flat to lower and December COMEX futures briefly down nearly 1% around $4,077. ^[18]
Later, the rate‑cut story took over, pulling prices higher despite the currency drag.

Government shutdown fallout and delayed data

Another important backdrop is the U.S. government shutdown and resulting delay in key economic data:

Traders are still waiting for September retail sales, producer price inflation and weekly jobless claims, which have been pushed back and are now due in a compressed window this week. ^[19]
With the Fed now heavily data‑dependent, each release could shift the December rate‑cut probabilities — and, by extension, the short‑term trajectory of gold.

In parallel, geopolitical headlines — including ongoing efforts by the U.S. and Ukraine to reshape a peace proposal with Russia — continue to support gold’s safe‑haven appeal, even if Monday’s move was driven more by macroeconomics than by geopolitics. ^[20]

Gold price in India today (24 November 2025)

While dollar‑denominated spot prices were firm, Indian gold prices actually fell on Monday, reflecting intraday global weakness and local market dynamics.

On the Multi Commodity Exchange (MCX):

December gold futures dropped about ₹1,477, or 1.19%, to roughly ₹1,22,714 per 10 grams, with turnover just under 9,500 lots, as of mid‑session. ^[21]

A separate update later in the day estimated that pan‑India gold rates were down around 0.69% versus the previous close, illustrating how domestic prices remained softer even as international spot benchmarks recovered. ^[22]

City‑wise gold rates in major Indian metros

According to city‑level quotes published for 24 November: ^[23]

Delhi
- 24‑carat gold: ~₹12,528 per gram
- 22‑carat gold: ~₹11,485 per gram
  Both grades were roughly ₹70 per gram lower than the previous day.
Mumbai, Bengaluru, Kolkata, Hyderabad and Pune
- 24‑carat gold: ~₹12,513 per gram
- 22‑carat gold: ~₹11,470 per gram
  Price cuts were similar—on the order of ₹70 per gram for 24K and ₹65 for 22K compared with Sunday.
Chennai
- 24‑carat gold: ~₹12,567 per gram
- 22‑carat gold: ~₹11,520 per gram
  Chennai remained a touch more expensive than northern and western metros, but still saw one of the steeper daily drops, with 24K sliding by about ₹121 per gram.

For Indian buyers, this meant a rare day of modest relief after months of record‑high rupee prices, even though the global dollar price of gold remains elevated by historical standards.

Futures markets and trading activity

COMEX and other futures benchmarks

Detailed COMEX settlement data for Monday remain fragmented across sources, but the trend is clear: front‑month U.S. gold futures finished modestly higher, echoing the rebound seen in spot markets. One major commodities desk reported November COMEX gold up 0.37% to around $4,091.90, marking a second consecutive gain. ^[24]

An overview of U.S. futures trading from Associated Press showed: ^[25]

Estimated COMEX volume near 337,000 contracts (each representing 100 troy ounces), only slightly below Friday’s 352,000.
Open interest around 470,000 contracts, down just 266 contracts from the prior session, suggesting no major exodus from the market.

In Bursa Malaysia Derivatives trading, gold futures also closed higher:

The spot‑month November 2025 contract rose from $4,058.20 to $4,070.60 per ounce.
December 2025 climbed to $4,087.30 and January 2026 to $4,104.50, with later 2026 contracts also settling higher. ^[26]

Bernama attributed the move to a softer U.S. dollar and expectations of a Fed cut, mirroring the narrative playing out in New York and London. ^[27]

Technical levels: neutral, but coiled

Short‑term technical commentary portrays gold as stuck in a neutral range after its explosive run earlier this year. A widely‑followed intraday analysis for 24 November framed the day this way: ^[28]

Support zones near $4,010, $3,960 and $3,900 per ounce
Resistance zones near $4,090, $4,130 and $4,200

With spot gold spending much of Monday ping‑ponging between $4,065 and the low $4,100s, analysts argued that both bulls and bears are waiting for a decisive break—either a dip towards $3,970 (seen by some as a buying zone) or a clean move above $4,130–$4,200 that would reopen the path toward October’s record highs. ^[29]

Most of this commentary is directional analysis rather than personalized advice; professional desks are stressing that narrow ranges can be followed by sharp one‑direction moves, especially when compressed around major events like a Fed decision.

Big picture: gold after October’s record highs

Monday’s action needs to be viewed against an extraordinary backdrop:

In October 2025, gold hit record intraday and settlement levels near $4,398 and $4,359.40, respectively, before retreating. ^[30]
Prices then corrected to an intraday low around $3,901 at the end of October, before recovering above the $4,000 mark in November. ^[31]
Major houses such as HSBC estimate that gold is up roughly 54% year‑to‑date, one of its strongest annual performances since the late 1970s. ^[32]

According to HSBC’s latest research note, a key driver of this structural uptrend has been unusually strong central‑bank demand:

The share of gold in global central‑bank reserves is estimated to have risen from about 13% in 2022 to nearly 22% by Q2 2025.
Over the same period, gold prices have surged by roughly 125%, underscoring how official‑sector buying has amplified the metal’s traditional role as a hedge against geopolitical, macroeconomic and currency risk. ^[33]

HSBC and other institutions also point to:

Robust inflows into gold‑backed ETFs since mid‑2024, as investors sought diversification from volatile equity markets, AI‑driven tech rallies and concerns over U.S. fiscal sustainability. ^[34]
Persistent worries about inflation, deficits and dollar dominance, which keep strategic demand for gold elevated even when short‑term prices appear choppy.

The message from the institutional research side is that recent volatility looks more like consolidation inside a powerful long‑term uptrend than the end of the move.

What could move gold next?

Looking beyond 24 November, traders and longer‑term investors will be watching several key catalysts that could jolt gold prices:

U.S. macro data dump
Delayed releases of retail sales, producer price inflation, GDP updates, jobless claims and housing indicators are scheduled to hit in a compressed window this week due to the recent shutdown. ^[35]
Any surprise — especially weaker growth or softer inflation — could tilt the Fed more decisively toward a December cut, supporting gold.
The December Fed meeting
With markets already pricing a high probability of another quarter‑point cut, the crucial question is guidance: will the Fed hint at further easing in 2026 or frame December as a “one‑and‑done” move? The answer will strongly influence whether gold extends above $4,200 or slips back toward $4,000. ^[36]
Dollar and bond yields
A sustained retreat in U.S. Treasury yields or the dollar index would typically be bullish for gold, while a renewed spike in either could cap or reverse recent gains.
Geopolitical and fiscal risks
Negotiations over Ukraine, evolving trade tensions and lingering concerns about sovereign debt and fiscal deficits continue to underpin gold’s role as a crisis hedge, even when day‑to‑day price moves are dominated by Fed talk. ^[37]

Final note

All prices and levels in this article are based on data available as of market close on Monday, 24 November 2025, in major trading hubs. Gold is a volatile asset, and prices can change rapidly. This overview is informational only and should not be treated as financial advice; anyone considering trading or investing in gold should do their own research or consult a qualified adviser.

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