Gold Price Today, 28 November 2025: Bullion Near $4,200 as Fed Cut Bets and CME Outage Fuel Volatile Rally

Gold prices are trading close to record territory on Friday, 28 November 2025, with spot bullion hovering just below $4,200 per ounce, supported by growing expectations of a U.S. Federal Reserve rate cut in December, a weaker dollar and thin post‑Thanksgiving liquidity amplified by a major CME Group outage that briefly halted futures trading. ^[1]

Key takeaways: Gold price today (28 November 2025)

Spot gold is trading around $4,180–$4,210 per ounce, up roughly 0.4–1% on the day and near a two‑week high. ^[2]
COMEX gold futures last traded near $4,220/oz before a CME Group outage halted trading across FX, commodities, Treasuries and equity futures. ^[3]
Gold is on track for its fourth straight monthly gain and is poised for its best annual performance since 1979, with year‑to‑date gains of around 60%. ^[4]
In India, average national prices are around ₹12,846 per gram for 24K and ₹11,775 per gram for 22K, up about ₹70 per gram from yesterday. ^[5]
MCX gold futures in India are trading about 0.5% higher, with the benchmark contract on track towards ₹1.29 lakh per 10g, tracking global gains. ^[6]

Global gold price today: Near $4,200 amid thin, volatile trade

As of late morning in New York on Friday, spot gold (XAU/USD) is trading in the $4,180–$4,210 per ounce range:

JMBullion’s live quote shows $4,210.15/oz, with $135.36 per gram and $135,359 per kilogram as of around 10:30 a.m. ET. ^[7]
Independent spot trackers put the live spot price around $4,195–$4,200, with an intraday range roughly between $4,164 and $4,200. ^[8]
Data from Trading Economics shows gold at about $4,174/oz, up 0.3–0.4% on the day, more than 6% higher for November and over 55% higher year‑on‑year. ^[9]

On the futures side:

COMEX gold futures are quoted near $4,196–$4,220 per ounce, up about 0.7–0.8% on the session, according to exchange and financial‑press data. ^[10]

That combination leaves bullion just shy of October’s record highs above $4,380/oz, but clearly back in “euphoric bull market” territory.

Why is gold up today? Fed, dollar, CME outage and geopolitics

1. Markets are betting hard on a December Fed rate cut

A December rate cut from the U.S. Federal Reserve has gone from “maybe” to “almost a consensus” over the past two weeks:

Futures markets now price roughly an 80–87% probability of a 25 bps rate cut at the December meeting, up from around 50% just a week ago. ^[11]
Dovish‑leaning comments from Fed Governor Christopher Waller, New York Fed President John Williams and other officials have reinforced the impression that the Fed’s next move is down, not up. ^[12]

Lower rate expectations push down real yields and reduce the opportunity cost of holding gold, which doesn’t pay interest. That’s a classic bullish setup for bullion, and it’s front and centre in today’s move.

2. A weaker dollar is adding fuel

At the same time, the U.S. dollar index is heading for its worst weekly drop since late July, as investors rotate out of the greenback into risk assets and alternatives like gold. ^[13]

Because gold is priced in dollars, a weaker dollar:

Makes bullion cheaper for buyers in other currencies
Often coincides with easier financial conditions, which tend to support commodity prices

That currency tailwind is adding a few extra dollars per ounce to today’s levels.

3. CME futures outage jolts a thin, holiday market

The other big story of the day is market plumbing rather than macro:

A technical outage at CME Group temporarily halted trading in futures across FX, commodities, Treasuries and stock indices, right in the middle of a holiday‑shortened U.S. session following Thanksgiving. ^[14]
U.S. gold futures for December delivery were quoted around $4,221.30/oz just before the outage hit. ^[15]
With futures offline, liquidity shifted to over‑the‑counter (OTC) markets, where spreads widened and intraday volatility spiked, briefly knocking prices off their highs. ^[16]

In other words, today’s price action is not only about fundamentals; it’s also about a thin, somewhat dislocated market where relatively small orders can move the price more than usual.

4. Geopolitics and structural demand keep a floor under prices

Beyond the day‑to‑day noise, several slow‑burn drivers are underpinning gold’s rally:

Central banks have been aggressively adding to their gold reserves in recent years, with gold’s share of global reserves rising and annual central‑bank purchases hovering near record territory. ^[17]
Geopolitical risks remain elevated: Russia‑Ukraine peace talks are fragile, trade and tariff tensions tied to the Trump administration’s policies have resurfaced, and investors continue to worry about high global debt and fiscal deficits. ^[18]
Ongoing ETF inflows and demand from long‑term institutional buyers have added an extra layer of support. ^[19]

Together, those factors help explain why gold has rallied so strongly in 2025 and why dips—like the pullback from October’s record—keep getting bought.

Gold price today in India: MCX and major city rates

India remains one of the world’s most important physical gold markets, and domestic prices are firmly higher today, tracking the international move and a softer rupee.

MCX gold futures

On the Multi Commodity Exchange (MCX):

Benchmark gold futures are trading roughly 0.5% higher on the day, in line with international gains. ^[20]
The active contract is on track towards ₹1.29 lakh per 10 grams, not far from this year’s record near ₹1.32 lakh. ^[21]

Indian analysts note that rate‑cut hopes and rupee moves are offsetting some headwinds from record‑high local prices, and several brokerages continue to recommend “buy on dips” strategies for short‑term traders, while warning about volatility. ^[22]

National average retail prices (per gram)

According to Goodreturns’ all‑India benchmarks for 28 November 2025: ^[23]

24K gold (999): ₹12,846 per gram, up ₹71 vs yesterday
22K gold (916): ₹11,775 per gram, up ₹65
18K gold: ₹9,634 per gram, up ₹53

That translates to roughly:

₹1,28,460 per 10g for 24K
₹1,17,750 per 10g for 22K

Other Indian trackers show broadly similar levels, with some variation by methodology and timing. For example, Financial Express reports 24K at about ₹1,26,080 per 10g, while Angel One cites about ₹1,26,640 per 10g, both up around 0.5% on the day. ^[24]

City‑wise snapshot: Delhi, Mumbai, Chennai and more

City‑wise rates vary slightly depending on local taxes, premiums and jeweller margins, but major centres are broadly aligned: ^[25]

Delhi: Around ₹12,860–₹12,900 per gram (24K) and ₹11,780–₹11,820 per gram (22K)
Mumbai: Roughly ₹12,840–₹12,900 per gram (24K); 22K in the ₹11,800 per gram zone
Chennai: Slightly higher due to strong local demand, with 24K around ₹12,900+ per gram
Bengaluru, Kolkata, Hyderabad, Pune and Ahmedabad: Generally clustered near the all‑India averages of ₹12,846 (24K) and ₹11,775 (22K)

Most domestic trackers agree that Indian gold prices are 0.5–0.7% higher today than on Thursday, mirroring international gains.

Gold price today in the U.S., Europe and other key markets

United States

Physical retail and wholesale quotes for 24K gold per gram in the U.S. today generally cluster around $133–$137:

Goodreturns’ international table shows 24K at about $136.50 per gram and 22K at about $129.50, based on converted spot prices. ^[26]
GoldRate’s dedicated U.S. page lists 24K at around $133.61 per gram, with 18K and 22K prices rising about 0.7–1.1% vs yesterday. ^[27]
JMBullion, which tracks spot bullion, reports $135.36 per gram, consistent with its $4,210/oz spot quote. ^[28]

Differences between platforms reflect timing, data sources and embedded premiums, but all point to modest gains in line with the global move.

Europe and the UK

In Europe, gold is also firmer:

Trading Economics puts gold around $4,174/oz, equivalent to strong gains in EUR and GBP over the month. ^[29]
Gold Republic highlights a marginal positive change in GBP‑denominated gold today, keeping prices close to record‑high yearly levels. ^[30]

Overall, gold is higher across virtually all major currencies, underscoring that today’s move is primarily about global rates and the dollar, not just U.S.-centric factors.

Performance check: Fourth monthly gain and best year since 1979

Zooming out, today’s tick higher is part of a much bigger story:

Gold is on track for its fourth consecutive monthly gain and has risen in nearly every month of 2025. ^[31]
Year‑to‑date, bullion is up roughly 54–60%, depending on the index, leaving it poised for its best annual performance since 1979. ^[32]
October’s all‑time high above $4,380/oz remains the key upside reference, and several long‑term forecasts now point to $4,500–$4,900/oz targets for 2026 if central‑bank buying and ETF inflows persist. ^[33]

Technical analysts note that gold is testing the upper boundary of a multi‑week consolidation, with prices hovering near a two‑week high and attempting to break out from a symmetrical triangle pattern. ^[34]

In plain language: the trend is still up, but after such a steep rally, every new high is increasingly sensitive to macro surprises.

What could move gold next?

For traders and long‑term investors watching gold price today, the next catalysts to monitor include:

December Fed meeting & U.S. data
- Any shift in Fed rhetoric or a surprise in key data (inflation, jobs, spending) could change the timing or size of the expected cut, directly impacting real yields and gold. ^[35]
Dollar and bond‑yield trajectory
- If the dollar continues its post‑July slide and U.S. yields stay compressed, it would likely support gold above $4,000/oz. A sharp rebound in either could trigger a deeper correction. ^[36]
Central‑bank and ETF flows
- Updated reserve data and ETF holdings will show whether official and institutional buyers are still accumulating at these elevated price levels, or starting to take profits. ^[37]
Geopolitical developments
- Progress—or setbacks—in areas like Russia‑Ukraine peace efforts, trade tensions and broader fiscal debates (including U.S. deficit concerns after the government shutdown) can quickly add or subtract a risk premium from gold. ^[38]

How should readers interpret today’s gold price?

From an informational standpoint, today’s move confirms several themes:

Gold remains the go‑to hedge against rates, currency debasement and geopolitical risk, especially in a year when stocks and bonds have been buffeted by repeated macro shocks. ^[39]
The metal’s best-in‑46‑years annual performance is rooted not only in speculation, but also in structural demand from central banks and long‑term allocators. ^[40]
At the same time, prices are historically elevated, and as Indian brokerages and global analysts stress, that means volatility and sharp pullbacks are very possible, especially around major macro events. ^[41]

As always, today’s gold price data should be treated as market information, not a recommendation. Anyone considering trading or investing in gold should evaluate their own risk tolerance, time horizon and diversification needs, and, where appropriate, consult a qualified financial advisor.

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