Gold Price Today, 21 November 2025: XAU/USD Slips Toward $4,030 as Strong US Jobs Data Hits Rate‑Cut Hopes

Published: 21 November 2025

Gold prices are under pressure today, 21 November 2025, as a stronger US dollar and surprisingly firm US jobs data weigh on the precious metal and trim expectations of a December Federal Reserve rate cut. Spot gold is trading around $4,030–$4,050 per ounce, down roughly 1% on the day and on track for a weekly decline. ^[1]

Below is a full breakdown of today’s gold price moves, the macro stories driving sentiment, and how domestic prices in key markets such as India and the US are reacting.

Global gold price today (XAU/USD)

Spot gold and futures

Spot gold (XAU/USD) is hovering near $4,030–$4,050 per troy ounce in Friday trading. Data providers show today’s session opening above $4,070, with intraday highs just over $4,080 and lows close to $4,025, leaving gold down around 0.9–1.1% versus yesterday. ^[2]
COMEX/U.S. gold futures (December delivery) are also softer, quoted close to $4,030–$4,055 per ounce, broadly mirroring spot weakness. ^[3]

According to live-pricing trackers, the current spot price equates to roughly $130 per gram of gold, depending on the feed and exact timestamp during the session. ^[4]

Reuters reports that spot gold was down about 1% near $4,036 per ounce by late morning in London, putting bullion on course for a weekly loss of roughly 1%. ^[5]

What’s driving gold lower on 21 November 2025?

Today’s move isn’t happening in isolation. Several macro and market forces are lining up against gold:

1. Strong US jobs data and delayed economic reports

A delayed US non-farm payrolls report — published later than usual due to a prolonged US government shutdown — showed the economy added around 119,000 jobs in September, more than double consensus expectations of about 50,000. At the same time, wage growth held near 3.8% year‑on‑year, and the unemployment rate ticked up to 4.4%, the highest since late 2021. ^[6]

The data paints a picture of a labour market that is cooling, but still resilient enough that the Federal Reserve doesn’t feel pressured to rush into aggressive easing.

2. Rate‑cut odds for December are fading

Following the jobs data and the latest Federal Open Market Committee (FOMC) minutes, traders have sharply scaled back expectations of a rate cut at the Fed’s December meeting.

FX and futures pricing suggest the probability of a December rate cut has dropped to roughly one‑third (around 33–35%), down from closer to 40–45% earlier this month. ^[7]
Fed officials have warned that cutting rates too quickly could reignite inflation or undercut confidence, reinforcing the idea that policy will stay cautious for now. ^[8]

For gold — a non‑yielding asset — this is negative: when the market prices in higher‑for‑longer interest rates, the opportunity cost of holding bullion increases.

3. A firmer US dollar and risk sentiment

The US dollar index is hovering near multi‑month highs, supported by:

expectations of fewer or later Fed rate cuts
safe‑haven flows into dollar liquidity amid a prolonged US government shutdown
lingering global growth concerns and choppy equity markets ^[9]

Because gold is priced in dollars, a stronger greenback makes it more expensive for non‑US buyers, adding another headwind for prices.

4. Technical retreat from recent highs

Gold recently failed to hold above the $4,100 resistance zone, and has since pulled back to test support.

FXStreet notes that XAU/USD rejected the $4,100 area on Thursday and slid back toward the $4,025–$4,040 support region, with the psychologically important $4,000 level just below. ^[10]
FXEmpire’s technical outlook highlights a short‑term trading range roughly between $4,026 and $4,081, with a potential break under $4,026–4,000 opening the door to deeper downside. ^[11]

Put simply, the macro story (stronger dollar, softer rate‑cut bets) and the chart story (failure at resistance, testing support) are aligned in pressuring gold lower today.

Domestic gold prices today: India and the US

India: MCX futures and city-wise retail rates

Indian traders woke up to weaker futures but mixed retail prices.

MCX gold futures (India)
On the Multi Commodity Exchange (MCX) in New Delhi:

December gold futures have fallen about ₹355 (≈0.29%) to around ₹1,22,372 per 10 grams, with more than 10,000 lots traded. ^[12]
December silver futures are down over ₹2,100 (≈1.37%) to about ₹1,52,040 per kilogram, reflecting broader pressure across precious metals. ^[13]

Analysts quoted in local media say gold and silver have “slipped” as markets reprice the odds of a December Fed cut lower after the jobs data, with the firm dollar adding volatility. ^[14]

Indian city-wise retail gold rates
Retail prices in major Indian cities are slightly higher versus yesterday in most regions, even as global prices ease — a reminder that local taxes, duties, and FX rates often drive short‑term divergence:

In Delhi, 24K gold is around ₹12,463 per gram, and 22K near ₹11,425, modestly higher (about ₹20–₹22) compared with Thursday.
Mumbai, Bengaluru, Kolkata, Hyderabad, Ahmedabad, Pune, Jaipur, Bhubaneswar and several other centres show 24K prices clustered around ₹12,448–₹12,503 per gram, with similar incremental moves day‑on‑day. ^[15]

Overall, Indian retail buyers are seeing near‑record absolute rupee prices even as the intraday tone is soft.

United States: Spot price snapshot

In the US, live spot trackers show:

Gold per ounce: roughly $4,035–$4,055 during early US hours
Gold per gram: around $129–$130
These figures have fluctuated throughout the session, but the bias is clearly lower compared with recent peaks above $4,100. ^[16]

Technical picture: Key levels to watch for XAU/USD

Analysts today are broadly focused on a cluster of short‑term support and resistance zones:

Immediate support:
- $4,025–$4,040 — current intraday support band tested after Thursday’s rejection above $4,100. ^[17]
- $4,000 — major psychological level; a clean break below could signal a deeper corrective phase. ^[18]
Upside resistance:
- $4,080–$4,100 — recent swing highs and the upper bound of the short‑term range described by multiple technical analysts. ^[19]

Momentum gauges (such as RSI on 4‑hour charts) are sitting in neutral‑to‑slightly‑negative territory, suggesting weak buying interest and room for choppy, range‑bound trade rather than an immediate breakout. ^[20]

For short‑term traders, the consensus from intraday commentaries is that:

Holding above $4,025–$4,040 keeps the door open for rebounds toward $4,080–$4,100.
A sustained move below $4,000 would strengthen the bearish case and could encourage profit‑taking after gold’s large rally over the past year. ^[21]

How today’s macro story fits into the bigger gold trend

Despite today’s decline, gold is still dramatically higher than a year ago. TradingEconomics data show the metal is up well over 40% year‑on‑year, even after a roughly 1–2% pullback over the past month. ^[22]

The drivers of that longer‑term strength — persistent inflation concerns, geopolitical uncertainty, central‑bank gold buying and a multi‑year trend of negative real yields — remain broadly intact. However, near‑term price action is dominated by the Fed path and the dollar, which are both leaning against gold today.

In Asia, local reports highlight muted physical buying at these elevated price levels, another factor limiting upside in the short term. ^[23]

What to watch next for gold prices

Going into the US session and the days ahead, gold traders are focused on a handful of high‑impact catalysts:

US PMI data and Michigan consumer sentiment
Fresh readings on business activity and consumer confidence could confirm or challenge the “resilient but slowing” US growth narrative. A downside surprise could revive bets on earlier Fed easing and support gold; stronger data would likely reinforce today’s downward bias. ^[24]
Speeches from Fed officials
Markets will parse any comments on inflation, labour‑market cooling and the December meeting. Hawkish rhetoric (emphasising inflation risks and caution around cuts) would be bearish for gold, while hints of concern about overtightening might provide a floor. ^[25]
US government shutdown developments and geopolitical headlines
Ongoing US budget tensions and discussions around Russia‑Ukraine peace prospects are feeding into safe‑haven flows—sometimes supporting gold, sometimes favouring the dollar instead. ^[26]

Given this backdrop, many analysts describe gold’s near‑term outlook as range‑bound, with downside risk if $4,000 gives way and upside potential capped unless rate‑cut expectations rebuild or geopolitical stress escalates meaningfully. ^[27]

FAQ: Gold price today – 21 November 2025

1. What is the gold price today in USD per ounce?
As of today’s trading on 21 November 2025, spot gold is roughly $4,030–$4,050 per ounce, down about 1% from yesterday’s close, with intraday lows near $4,025. ^[28]

2. Why is gold falling today?
Gold is under pressure because:

US jobs data came in stronger than expected (about 119,000 new jobs),
the odds of a December Fed rate cut have dropped to around one‑third,
the US dollar has strengthened to multi‑month highs, and
prices recently failed at resistance above $4,100, triggering technical selling. ^[29]

3. What are today’s gold rates in major Indian cities?
Indicative 24K retail prices today are around:

Delhi / Jaipur / Lucknow / Chandigarh: ≈ ₹12,463 per gram
Mumbai / Bengaluru / Kolkata / Hyderabad / Pune / Bhubaneswar: ≈ ₹12,448 per gram
Chennai: ≈ ₹12,502 per gram

22K and 18K prices are proportionally lower, with most cities registering a modest rise of ₹17–₹22 per gram versus yesterday. ^[30]

4. What key technical levels should traders watch?
Short‑term analysis points to:

Support near $4,025–$4,040, then the $4,000 psychological level.
Resistance around $4,080–$4,100.

Staying above $4,025 keeps the range intact; a break below $4,000 could signal a deeper correction. ^[31]

5. Is this article investment advice?
No. This is general market news and analysis based on publicly available information from financial data providers and newswires. It is not personalised investment advice. Always consider your own financial situation and consult a qualified adviser before making trading or investment decisions.