Gold Price Today 28 November 2025: XAUUSD Hovers Near $4,180 as Fed Cut Bets Power Fourth Monthly Rally

Gold prices are trading close to fresh multi-week highs on Friday, 28 November 2025, as investors double down on bets that the US Federal Reserve will finally deliver a long-awaited interest rate cut in December. At the same time, domestic gold rates in India have pushed to new record territory, mirroring the global surge.

At a Glance – Gold Price Today (28 November 2025)

Global spot gold (XAUUSD): Around $4,160–$4,190 per troy ounce, depending on the data provider and time of quote. ^[1]
Live spot snapshot: A major bullion dealer quotes $4,188.59/oz at 06:20 AM ET (11:20 GMT), up about 1.1% on the day. ^[2]
COMEX December gold futures: Around $4,221.30/oz, up roughly 0.6% from the previous settlement. ^[3]
Trend: Gold is on track for its fourth consecutive monthly gain and its best annual performance since 1979, with prices more than 50% higher year-on-year. ^[4]
India (24K gold): Roughly ₹1,26,000–₹1,27,000 per 10 g across major metros; many benchmarks show 24K around ₹1,26,800/10 g and 22K around ₹1,16,200/10 g. ^[5]

Prices move throughout the day; all levels in this article refer to quotes available on 28 November 2025 at the times indicated.

Global Gold Price Today (XAUUSD & Futures)

Spot gold in US dollars

In early European trade, spot gold briefly tested a two-week high before easing as some traders took profits. Reuters reports spot prices around $4,162.59 per ounce at 09:37 GMT, still up on the day and on course for a 2.4% weekly and 3.9% monthly gain. ^[6]

Later in the morning, intraday quotes from dealers and market trackers showed gold pushing back toward the $4,180–$4,190 zone. A widely followed US bullion platform listed the live spot price at $4,188.59/oz at 06:20 AM ET, with 1 g at $134.67 and 1 kg at $134,666.30. ^[7]

TradingEconomics, which compiles end-of-session benchmarks, places gold at about $4,162 per ounce for 28 November 2025, noting a 5.8–6% rise over the last month and a gain of roughly 56% over the past year. ^[8]

Put simply: whether you look at intraday or closing data, gold is firmly above the $4,000 mark and holding near the upper end of its recent range.

COMEX futures

On the derivatives side, COMEX December gold futures traded around $4,221 per ounce, with historical data showing a settlement near $4,221.30/oz for 28 November, up about 0.6% on the day. ^[9]

That futures level implies:

The market still prices in some additional upside versus spot, and
Traders are willing to pay a small premium to carry exposure into the next delivery window.

Gold Rate Today in India (28 November 2025)

National and MCX benchmarks

India, one of the world’s largest consumers of physical gold, is seeing domestic prices sit at record or near-record highs.

According to MCX and India Bullion & Jewellers Association (IBJA) data compiled by brokerage Samco, early trade on 28 November 2025 looked roughly like this: ^[10]

MCX Gold December futures: Around ₹1,26,180 per 10 g (up about 0.5% intraday).
IBJA benchmark rates (all-India reference):
- 24K gold: ~₹1,26,820 per 10 g
- 22K gold: ~₹1,16,252 per 10 g

This reflects not only the global rally in XAUUSD but also rupee movements and local demand during India’s busy post-festival wedding season.

City-wise snapshot (major metros)

The same dataset shows broadly similar levels across major Indian cities, with minor differences driven by local taxes, logistics, and jeweller margins. ^[11]

Approximate 24K gold prices per 10 g on 28 November 2025:

Mumbai: ~₹1,26,590
Delhi: ~₹1,26,300
Kolkata: ~₹1,26,350
Chennai: ~₹1,26,900

Corresponding 22K rates tend to cluster near ₹1,16,000 per 10 g, with small city-to-city variation.

Business Today also highlights that 24K gold in Dubai is roughly ₹1,12,800 per 10 g, leaving Indian retail prices at a double‑digit percentage premium even before duties and dealer mark-ups are fully factored in. ^[12]

Short-term performance in India

Over the last two decades, rupee-priced gold has delivered returns in 16 out of 20 years, with prices climbing about 1,200% from 2005 levels. Year-to-date in 2025, Indian gold prices are up around 56%, broadly in line with the global move and adding to the narrative of one of the strongest gold years since the late 1970s. ^[13]

Why Is Gold Rising Today?

Today’s gold move is not happening in a vacuum. A cluster of macro and market drivers is lining up in gold’s favour.

1. Fed rate-cut expectations for December

The central story is the US Federal Reserve.

Traders using the CME FedWatch tool now price in roughly an 85% probability of a rate cut at the December 2025 meeting, up sharply from about 30–50% a week ago, according to multiple market reports. ^[14]
Comments from senior Fed officials – including Christopher Waller, John Williams and Mary Daly – have leaned more dovish, referencing softer economic data and labour-market fatigue. ^[15]

Gold is a non‑yielding asset: it doesn’t pay interest. When rates fall or are expected to fall, the “opportunity cost” of holding gold drops, which typically supports higher prices. That classic relationship is very much on display right now.

2. Government shutdown, missing data, and uncertainty

A highly unusual US government shutdown has delayed or disrupted key economic releases, including some labour and inflation indicators. ^[16]

That lack of clear data has:

Made it harder for both the Fed and investors to assess the true health of the US economy.
Encouraged markets to hedge uncertainty by rotating into safe havens like gold.

Bloomberg-linked analysis quoted in Indian and global media notes that, despite the patchy data, markets have grown more confident that the next Fed move is toward easing, not tightening. ^[17]

3. A softer US dollar

Reuters and other outlets point out that the US dollar index is heading for its worst week since late July, even if intraday there’s some modest rebound. ^[18]

Gold is priced in dollars:

When the dollar falls, gold becomes cheaper for buyers using other currencies, often boosting demand.
When the dollar strengthens, the reverse tends to happen.

This week’s weaker dollar has therefore added another tailwind.

4. CME futures outage and thin liquidity

A novel twist today is a technical outage at CME Group, the key US derivatives exchange.

A data-centre issue temporarily halted trading in a broad set of futures, including those tied to foreign exchange, commodities, Treasuries and stock indices. ^[19]
For gold, that meant intermittent price discovery, with more activity shifting temporarily to over‑the‑counter spot markets and to other venues.

While the outage itself does not change the fundamentals, it can:

Widen bid‑ask spreads,
Reduce depth in the order book, and
Make intraday moves look sharper than they would in a fully liquid environment.

Once CME restored operations, gold quickly resumed trading near the upper end of today’s range.

5. Geopolitical tension and safe-haven demand

Commentary from FXEmpire and other macro strategists highlights the role of ongoing geopolitical tensions – from war zones to trade disputes – in supporting safe‑haven demand. ^[20]

As investors juggle:

Fragile global growth,
Conflict risk, and
Political uncertainty,

gold continues to serve as a portfolio hedge, drawing flows into both bullion and gold‑backed ETFs.

2025: Gold’s Strongest Year Since the Late 1970s?

Several outlets now converge on the same conclusion: 2025 is shaping up as gold’s best year since 1979. ^[21]

Key elements of that story:

Performance: Spot prices have risen in nearly every month of 2025, with total gains of more than 50% year‑to‑date in dollar terms and a similar magnitude in rupees. ^[22]
Central-bank buying: Research summaries suggest global central banks have added more than 400 metric tons of gold to reserves in 2025, reinforcing structural demand. ^[23]
ETF flows: After earlier outflows, gold ETFs have seen stabilising or renewed inflows, signalling institutional interest in holding strategic gold exposure. ^[24]
Technical backdrop: Analysis from technical strategists places key resistance in the $4,210–$4,400 zone; sustained closes above the upper end of that band could open up $4,500–$4,900 as longer‑term targets. ^[25]

This does not mean gold will move in a straight line higher—nothing in markets ever does—but it does explain why dips have been aggressively bought throughout the year.

Local Demand: Wedding Season Meets Record Prices

In India, physical demand is always part of the story. Dealers report that:

Wedding-season buying has remained surprisingly resilient, even as prices hit fresh records, though some households are buying lighter pieces or lower‑purity jewellery to manage budgets. ^[26]
Retail demand is price‑sensitive: some consumers are waiting for even a small correction to add more gold, but long‑term cultural and investment demand remains strong. ^[27]

That combination – firm cultural demand plus a global macro tailwind – is one reason rupee gold has been such a powerful performer in 2025.

Short-Term Outlook: What Markets Are Watching Next

Analysts and traders are now focused on a few key milestones:

Fed communication blackout and December meeting
- From this weekend, the Fed enters its pre‑meeting blackout period, limiting public speeches. ^[28]
- Incoming data (where it is still being released despite the shutdown) and market pricing will do most of the talking until the December decision.
Rate-cut odds and real yields
- If rate‑cut probabilities remain near or above 80–85% and real (inflation‑adjusted) yields drift lower, gold’s fundamental backdrop stays supportive. ^[29]
Geopolitical and macro surprises
- Any escalation in geopolitical flashpoints or a sharper‑than‑expected global slowdown would tend to reinforce safe‑haven buying. ^[30]
- Conversely, a sudden improvement in US growth or an unexpectedly hawkish Fed pivot could trigger temporary corrections.

Short-term technical commentary from FXEmpire suggests a near-term trading range around $4,171–$4,245, with bulls eyeing a retest of recent highs while watching support near $4,090–$4,170. ^[31]

What Today’s Gold Price Means for Different Types of Buyers

For long-term investors:
The macro setup – lower expected real rates, persistent geopolitical risk, and steady central‑bank buying – supports the argument that gold can continue to act as a strategic hedge in diversified portfolios. But after such a strong year, position sizing and risk management matter more than ever.

For short-term traders:
Volatility around:

Fed headlines,
The resolution of the US government shutdown, and
Any further exchange-technology issues

can produce sharp intraday swings. Leverage amplifies both gains and losses, so risk controls are critical.

For jewellery buyers (especially in India):
With 24K rates above ₹1.26 lakh per 10 g in most major cities, households are increasingly sensitive to even small discounts and festive or wedding offers. Many jewellers are offering buyback guarantees, low‑making‑charge lines, or exchange schemes to keep demand flowing. ^[32]

Important Note

All prices and probabilities cited here are approximate, intraday or end‑of‑session values, taken from reputable market sources on 28 November 2025. Gold trades almost around the clock, so quotes can change quickly. This article is for information and news purposes only and does not constitute investment advice. Always cross‑check live prices with your broker, exchange, or local jeweller before making any trading or purchase decision.

XAUUSD Gold Technical Analysis Levels Revealed