Key facts (Nov 4, 2025):
- Spot gold dipped as low as $3,970/oz early Tuesday, then pared losses to around $3,994/oz at 12:10 GMT; Dec COMEX futures hovered near $4,005/oz. Reuters
- Drivers today: a pause in the dollar’s rally and slightly softer 10‑year U.S. yields helped stabilize prices after an early slide below $4,000. Reuters
- Other metals: silver ~$47.80/oz, platinum ~$1,558/oz, palladium ~$1,405/oz (midday GMT). Reuters
- Equities tied to gold: GLD last $368.78, GDX about $71.30, and Newmont (NEM) near $81.62 (prices delayed; intraday ranges narrow). Reuters
- Macro context: The Fed cut rates last week for the 2nd time in 2025 but signaled no guarantee of another cut; markets now see ~65% odds for December. Reuters
- Positioning backdrop: Q3 gold demand hit a quarterly record, with central banks buying ~220t (+10% y/y)and ETF inflows surging, per WGC. Reuters
What happened today
Gold started the session on the back foot—slipping below $4,000/oz as the dollar extended last week’s strength—then recovered most losses by midday as the greenback cooled and U.S. yields eased. At 06:25 GMT, spot was ~$3,970, but by 12:10 GMT prices had improved to ~$3,994. December futures were near $4,004.70. Reuters
The intraday swing reflects the push‑pull of currency and rates: Reuters noted the dollar index eased after a three‑month high, while 10‑year Treasury yields drifted off Monday’s peak—both supportive for non‑yielding gold. Reuters
What the pros are saying
“Gold is consolidating in the region of $4,000,” said Carlo Alberto De Casa of Swissquote, adding the next few weeks will help determine whether the market resumes its rally or corrects. Reuters
Fawad Razaqzada of City Index/FOREX.com noted that the “initial break below [$4,000] triggered a wave of technical selling and unwinding of long positions.” Reuters
Cross‑asset check
- Dollar & yields: The USD rally paused today after recent highs; benchmark 10‑year yields eased versus Monday. (For reference, external trackers show the 10‑year around ~4.1% today.) Reuters
- Risk sentiment: Related coverage shows risk assets wobbly as traders reassess the odds of another 2025 Fed cut. Reuters
Stocks & ETFs linked to gold (as of publication; delayed quotes)
- SPDR Gold Shares (GLD): $368.78; 52‑week $236.13–$403.30. Reuters
- VanEck Gold Miners (GDX): ~$71.30 (−~1.0% intraday). Reuters
- Newmont (NEM): ~$81.62. Reuters
Prices are indicative and may update; check your broker for live quotes.
Big‑picture backdrop: still supportive, but choppy
- Policy: The Fed’s second cut of 2025 is in the rearview, and Chair Powell stressed another move this year is “not a foregone conclusion.” Markets put ~65% odds on a December cut—less bullish than a week ago—leaving gold sensitive to incoming data (ADP, ISM). Reuters
- Demand: The World Gold Council says Q3 demand hit a record 1,313t, powered by ETF inflows and bar/coin buying; central bank purchases climbed to ~220t (+10% y/y). That structural bid has helped cushion pullbacks. Reuters
Forecasts & scenarios
- Banks’ targets:
- Morgan Stanley sees potential for $4,500/oz by mid‑2026, citing ETF and central‑bank demand as rates drift lower. Reuters
- ANZ (Sept) lifted its 2025 year‑end target to $3,800, peaking near $4,000 by mid‑2026 on robust investment demand and official‑sector buying. Reuters
- Goldman Sachs has discussed upside toward ~$5,000 under a stress scenario where perceived threats to Fed independence spark bigger private shifts into gold; base‑case eyes $4,000 by mid‑2026. Reuters
Our read (near‑term):
- Base case (next 1–2 weeks): Range‑trade around $3,950–$4,050 as markets digest jobs and PMI data and December Fed odds oscillate. A firm USD/up‑yields combo argues for choppy consolidation. Reuters
- Bull case: A softer dollar and cooler data revive cut hopes, inviting tests of $4,080–$4,150 (recent resistance zone). Reuters
- Bear case: A decisive USD breakout or rates re‑acceleration risks a push toward $3,900 and, if momentum builds, $3,700–$3,800 support flagged by recent sell‑side chatter. Financial Times
Levels to watch
- Support: $3,950 (round‑number/spot shelf), then $3,900; deeper support $3,700–$3,800 if risk‑off turns into position clean‑up. Reuters
- Resistance: $4,050–$4,100, then $4,150+ (area of mid‑October highs). Reuters
Today’s related headlines (Nov 4)
- Gold trims losses as dollar rally pauses; eyes U.S. data. Reuters
- Rand weakens as gold slips below $4,000 earlier in session. Reuters
- Dollar narrative: rally cooled today after touching a three‑month high on Monday. Reuters
Data notes & sources
Spot and futures prices, expert quotes, and macro context are from Reuters intraday market reports on Nov 4, 2025; additional spot snapshots and yields from TradingEconomics and WGC provide corroboration on levels and demand trends; ETF and miner quotes are from Reuters quote pages (delayed). Reuters
This article is for general information only and is not investment advice.
