Gold prices slipped again on Tuesday, 18 November 2025, with spot gold trading just above the key $4,000 level as investors scale back expectations of a December U.S. Federal Reserve rate cut and global markets move into “risk-off” mode.
Major data providers show spot gold (XAU/USD) oscillating in a tight band around $4,040–$4,060 per ounce through the morning session. One leading bullion dealer quoted live spot prices near $4,062/oz at 06:40 a.m. ET, while other pricing aggregators showed values around $4,047/oz and $4,041/oz earlier in the day. JM Bullion
A separate daily reference from a U.S. bullion house logged gold at roughly $4,043/oz for 18 November, underscoring how prices are holding only slightly above the psychologically important $4,000 mark. USAGOLD
At the same time, front‑month COMEX gold futures for December 2025 are trading lower, around $4,040/oz, down roughly 0.7–0.9% on the day compared with Monday’s settlement near $4,074.50/oz. CME Group
Despite the pullback, gold remains extraordinarily elevated by historical standards – still more than 50% higher than a year ago, even after a drop of around 7% over the past month. Trading Economics
Key takeaways for 18 November 2025
- Spot gold today: Trading roughly $4,040–$4,060 per ounce, modestly below Monday’s close. JM Bullion
- Futures: December 2025 COMEX contracts are down around 0.7–0.9% intraday. CME Group
- Trend: Gold is on course for a fourth straight daily decline and is probing one‑week lows. Reuters
- Drivers: A firmer U.S. dollar, fading hopes of a December Fed rate cut, and nervous global markets ahead of delayed U.S. data and Nvidia’s earnings. MarketPulse
- Local markets: Retail gold prices are down across India and Bangladesh, with Indian 24K prices clustering around ₹12,350–₹12,450 per gram in major cities. probashirdiganta.com
What’s moving gold today?
1. Fed rate‑cut odds swing against gold
The dominant story in gold on 18 November is the re‑pricing of Federal Reserve expectations.
- Reuters and other outlets report that gold has slipped to around one‑week lows as traders dial back the odds of a December rate cut, following a string of relatively hawkish comments from Fed officials. Reuters
- Market data cited by analysts shows the probability of a 25 bps cut in December hovering around 40–50%, down from much higher levels earlier this month. Economies
Lower interest rates usually support non‑yielding assets like gold. As rate‑cut hopes fade – even slightly – investors have less incentive to pile into bullion, especially after the metal’s spectacular run to record highs above $4,380/oz in October. New York Post
2. Delayed U.S. data and shutdown hangover
Another unusual factor in today’s move is the data vacuum created by the recent record‑long U.S. government shutdown, which temporarily halted the release of key inflation, jobs and GDP reports:
- The IMF and several major outlets have highlighted how the shutdown has left a significant gap in economic statistics, complicating the Fed’s job and leaving traders hungry for the “deluge” of delayed data expected over the coming days. TradingView
Gold initially surged above $4,200 when the shutdown ended and markets bet aggressively on easier policy. Now that optimism is being corrected as policymakers warn against assuming a rapid sequence of cuts. MarketScreener
3. Stronger dollar and risk‑off sentiment
Today’s price action is also being pulled by broader cross‑asset moves:
- Gold is sliding alongside equities and cryptocurrencies, with global stock indices under pressure and Bitcoin dropping below $90,000 for the first time in seven months. Reuters
- A firmer U.S. dollar and cautious positioning ahead of Nvidia’s Q3 earnings and key U.S. employment data are pushing investors to de‑risk, which paradoxically is weighing on gold after its recent run‑up, as some traders lock in profits instead of adding fresh safe‑haven exposure. MarketScreener
In short, gold is being caught in a cross‑current: still supported by long‑term macro worries, but short‑term flows are negative as the dollar strengthens and traders reassess how quickly the Fed might ease.
Gold price today by region
United States – spot benchmarks
As of Tuesday morning:
- Major bullion and data providers place U.S. dollar spot gold around $4,040–$4,060 per ounce, with intraday ranges roughly between just under $4,000 and about $4,055. Trading Economics
- A widely followed daily benchmark from a U.S. dealer lists $4,043/oz for 18 November, only modestly below the previous day’s reference. USAGOLD
That leaves gold down roughly 0.5–1% from Monday’s futures settlement near $4,074.50/oz, extending Monday’s >1% drop that was already blamed on a stronger dollar and reduced rate‑cut hopes. Investing
On a longer horizon, TradingEconomics data show that:
- Gold is about 7% lower over the past month.
- But it is still more than 50% higher year‑on‑year, reflecting the massive rally powered by rate‑cut expectations, central‑bank buying and geopolitical risk. Trading Economics
India – gold rate today in major cities
In India, local gold prices have followed global cues lower, after hitting record territory earlier this autumn:
- A city‑wise breakdown from brokerage and financial news platforms shows 24‑carat (999) gold in major metros such as Mumbai, Bangalore and Hyderabad trading around ₹12,366 per gram, with 22K around ₹11,335 and 18K near ₹9,274. 5paisa
- In Chennai, 24K rates are slightly higher, near ₹12,430–₹12,440 per gram, reflecting local demand and tax differences. 5paisa
Business desks at large Indian dailies note that gold and silver prices have now fallen for the third straight day, tracking the global slide as Fed‑cut hopes cool. The Economic Times
In rupee terms, that puts Indian retail prices well below their mid‑October peaks, when 24K gold was reported closer to ₹13,000 per gram before a sharp correction. Moneycontrol
Bangladesh – Taka‑denominated bullion
In Bangladesh, local jewellers’ association data show:
- 22‑carat gold (one bhori / 11.664g) priced around BDT 208,272, equating to roughly BDT 17,800 per gram, up modestly versus earlier November levels. Probashirdiganta
The upward adjustment in Taka terms mainly reflects domestic pricing decisions and currency moves, even as international dollar‑denominated prices edge lower.
Futures and technical picture
On the derivatives side:
- COMEX December 2025 gold (GCZ25) is trading near $4,040/oz, down around $30–$35 on the day, according to CME and Google Finance futures dashboards. CME Group
- Other 2026‑dated contracts are also in the red, with losses clustered in the 0.6–0.9% range, indicating broad pressure across the curve rather than a one‑off front‑month move. Google
Technical analysts are turning more cautious:
- One major FX and commodities research desk warns that the downside toward the $3,950 area is opening up if spot gold fails to hold the $4,000–$4,020 support zone. FXStreet
- Intraday data show Tuesday’s range stretching from just under $4,000 to the mid‑$4,050s, with repeated tests of the lower end – a pattern consistent with consolidation but vulnerable to a deeper pullback if macro headlines disappoint. Twelve Data
That said, some strategists argue that after the vertiginous climb above $4,200 earlier this month, a period of sideways-to-lower consolidation is not only normal but potentially healthy, allowing speculative froth to clear while longer‑term buyers (including central banks) reassess entry levels. RankiaPro
How today’s macro news links back to gold
Several broader stories from 18 November are feeding into bullion markets:
- AI & tech bubble worries: A steep sell‑off in global equities, driven by concerns over stretched valuations in AI‑linked stocks and high expectations around Nvidia’s earnings, is prompting broad de‑risking. However, instead of rushing into gold, some investors are using the metal’s near‑record levels as an opportunity to trim exposure. KAOHOON INTERNATIONAL
- Investor positioning: A monthly Bank of America fund manager survey shows cash holdings dropping to 3.7%, triggering the bank’s “sell signal” for risk assets. While gold is technically a safe haven, it has also become a crowded trade in 2025, making it vulnerable when investors reduce overall commodity exposure. Reuters
- Central‑bank and structural demand: Long‑term narratives remain supportive – from central‑bank diversification away from the dollar to concerns about sovereign debt – but these structural themes are playing out over quarters and years, not days. New York Post
What to watch next for gold prices
Looking beyond today’s tick‑by‑tick moves, gold traders will be focused on:
- Delayed U.S. economic data
- A backlog of inflation, jobs and growth figures is due to be released now that the shutdown has ended. Surprises in either direction could quickly shift Fed expectations – and with them, gold. TradingView
- Federal Reserve communication
- Officials such as Vice Chair Philip Jefferson have stressed the need to “proceed slowly” with further cuts, while others like Governor Christopher Waller remain more open to easing. Any hint that December is firmly “on” or “off” for a cut will likely spark sharp moves in XAU/USD. Reuters
- Global risk sentiment
- Continued volatility in tech stocks, the evolving Bitcoin correction, and geopolitical headlines will all help determine whether gold is treated as a hedge – or a source of cash – in the weeks ahead. MarketScreener
Bottom line
On 18 November 2025, the gold price today is best described as high but fragile:
- Spot and futures are holding just above $4,000 per ounce.
- The metal is down for a fourth straight session, pressured by a stronger dollar and fading bets on a near‑term Fed rate cut.
- Retail buyers in key markets like India and Bangladesh are seeing lower – though still historically elevated – local prices, while global investors balance gold’s long‑term appeal against the temptation to lock in profits after an extraordinary rally. Trading Economics
As always, gold prices are highly volatile and can change quickly during the trading day. Anyone considering trading or investing in gold should use real‑time quotes from their broker or bullion dealer and factor in their own risk tolerance, time horizon and professional financial advice.
