Gold prices were steady-to-slightly softer on Friday morning as markets digested a cooler U.S. inflation print, a firmer dollar, and thin year-end liquidity. Around the 9:30–9:34 a.m. New York time window, spot gold was hovering near $4,326 per ounce, keeping the metal close to record territory after a powerful 2025 rally. 1
What’s notable for investors into the holidays: rate-cut expectations are still supporting bullion, but the U.S. dollar’s bounce is limiting upside — creating a “two forces, one price” stalemate that has defined several late-December sessions.
Gold price today (9:34): the key levels traders are watching
Spot gold (XAU/USD):
- ~$4,326/oz around 9:30 a.m. New York time, per a U.S.-time-stamped market update. 1
- In broader pricing snapshots, XAU/USD was quoted with a bid around $4,327 and a day’s range roughly $4,309–$4,337. 2
Gold futures (U.S.):
- U.S. gold futures were trading around the mid-$4,350s/oz, reflecting only modest downside on the day. 3
Weekly tone:
- Despite Friday’s softness, gold remained set for a weekly gain as softer inflation data kept the market leaning toward easier policy in 2026. 4
Why gold is moving today: inflation cools, but the dollar bites back
Friday’s price action is being driven by a familiar macro mix:
1) Softer U.S. inflation supports rate-cut bets
Reuters reported U.S. consumer prices rose 2.7% year-on-year in November, below economists’ forecasts cited in the report — a data point that nudged expectations toward additional Fed easing. 4
That “lower inflation → lower real rates → better for gold” channel is still the backbone of the bullish narrative going into 2026. Investing.com’s market analysis also emphasized that monetary policy expectations are outweighing short-term currency moves, with traders increasingly treating dips as tactical rather than trend-changing. 3
2) A firmer dollar limits upside
At the same time, the U.S. Dollar Index has been trading near one-week highs (above ~98.5), a headwind because gold is dollar-priced and becomes more expensive for non-U.S. buyers when the greenback rises. 5
Reuters also pointed to year-end positioning and holiday quietness, which can amplify small moves and keep breakouts from following through. 4
Silver steals attention again, while platinum and palladium stay bid
Gold is not the only metal making headlines on 19.12.2025.
- Silver has continued to outperform, with Reuters noting it was around $65.93/oz, after hitting an all-time peak of $66.88 earlier in the week and logging extraordinary year-to-date gains. 4
- Platinum and palladium remained supported near multi-year highs, reinforcing that the bid in precious metals is broader than gold alone. 4
This “complex-wide strength” matters for sentiment: when silver and platinum are firm alongside gold, it often signals positioning for easier financial conditions (not just fear-trade demand). 3
Gold rate today in India (19 December 2025): 24K and 22K prices
For readers tracking gold rate in India today, domestic prices remained elevated, reflecting both global strength and local market conditions.
India benchmark-style rates (per gram and per 10 grams)
Goodreturns listed India-wide indicative rates around:
- 24K gold:₹13,418 per gram (≈ ₹1,34,180 per 10 grams)
- 22K gold:₹12,300 per gram (≈ ₹1,23,000 per 10 grams) 6
Important note for buyers: these rates are indicative and do not include GST, TCS, and other levies, and final payable prices vary by jeweller and location. 6
Major city snapshot (per 10 grams)
Angel One’s city-level pricing showed 24K gold clustered in the ₹1.33–₹1.34 lakh per 10g range across key metros, with 22K typically around ₹1.22–₹1.23 lakh per 10g (city quotes vary by region). 7
Physical-market signals: India discounts widen as record prices hit demand
A key datapoint for today — especially during wedding season — is that physical demand is showing stress at these record levels.
Reuters noted that gold discounts in India widened to an over one-month high as high prices curbed buying, while markdowns in China deepened to levels not seen since 2020 (per the same report). 4
This is one reason gold can stay “bullish but sticky” near highs: investment and central-bank demand may remain strong, but consumer jewellery demand can cool sharply at extreme price points, affecting the physical premium/discount landscape.
Forecasts and outlook: Wall Street and strategists map a wide 2026 range
Today’s gold market isn’t just about where spot trades at 9:34 — it’s also about where major institutions think prices go next.
Goldman Sachs: $4,900 by December 2026
Reuters reported Goldman Sachs expects gold to climb to $4,900/oz by December 2026 in its base case, citing structurally high central-bank demand and cyclical support from Fed rate cuts. 8
The broader “$5,000 gold” conversation
A separate Reuters analysis this week highlighted that multiple major forecasters see $5,000/oz as plausible in 2026 (while also warning that the pace of gains may slow after an exceptional run). 9
World Gold Council: rangebound is possible, but “surprises” are too
The World Gold Council’s 2026 outlook frames gold as potentially rangebound if macro conditions simply persist — but argues outcomes could skew higher if growth slows and rates fall further, while a more pro-growth / stronger-dollar environment could pressure prices. 10
State Street Global Advisors: base case $4,000–$4,500; bull case up to $5,000
State Street Global Advisors outlined a 2026 framework where gold may consolidate at high levels in a $4,000–$4,500 base case, with a bull case that can reach $4,500–$5,000, supported by factors including Fed easing, central-bank and retail demand, ETF dynamics, and debt concerns. 11
What this means in plain English: forecasts are not unanimous on the path, but many large players agree on the theme — gold has shifted from a cyclical trade to a more structural allocation debate for 2026.
Technical and positioning: the “triangle” that could decide the next move
With fundamentals pulling both ways, traders are paying close attention to price structure:
- FXStreet described gold as treading water between roughly $4,300 support and $4,355 resistance, with price action coiling in a triangle-like pattern. 5
- A break above resistance brings higher technical targets into view, while sustained trade below support opens the door to deeper pullbacks toward lower recent reference levels. 5
In other words, the market is waiting for a catalyst — and with holidays approaching, that catalyst often comes from Fed communication, inflation surprises, or an abrupt shift in the dollar.
What to watch next after 9:34: the catalysts that can move gold into year-end
Heading into the final stretch of 2025, the gold market is likely to stay sensitive to:
- Rate-cut pricing for early 2026 (especially front-end expectations) 3
- U.S. dollar direction, which has been firm enough lately to cap rallies 5
- Physical demand signals (India/China premiums and discounts) amid record-level prices 4
- Silver’s momentum, which can influence sentiment across the entire complex 4
Bottom line
As of the 9:34 a.m. ET window on 19.12.2025, gold remained near $4,326/oz, caught between two powerful forces: cooling inflation that supports the case for Fed cuts, and a firmer U.S. dollar that restrains upside. 1
The bigger story — and the reason gold is dominating headlines going into 2026 — is that major forecasters are now openly discussing a high-$4,000s to $5,000 landscape under supportive macro scenarios, even as they warn the explosive pace of 2025 may be hard to repeat. 8
