Gold Price Today 26 November 2025: Yellow Metal Near Two‑Week High as Fed Rate Cut Bets Intensify

Gold prices are trading close to a two‑week high on Wednesday, 26 November 2025, as fresh weak US data, a softer dollar and rising expectations of a Federal Reserve rate cut in December drive renewed demand for the yellow metal worldwide. ^[1]

Across global markets, spot gold is hovering around $4,150–$4,180 per ounce, broadly 0.5–0.9% higher on the day, while front‑month futures on COMEX are edging toward the $4,200 mark. ^[2]
In India and other key retail markets, local gold rates have also moved higher, with both per‑gram and per‑10‑gram prices registering fresh gains in major cities. ^[3]

Global gold price today: spot and futures

Multiple price feeds show gold extending the November rebound:

In Asian and early European trade, spot gold climbed roughly 0.7–0.9%, trading in the $4,155–$4,170 per ounce range. ^[4]
One Ukrainian business outlet reported spot gold around $4,166 per ounce, with February futures near $4,201, both up about 0.9% on the session. ^[5]
A Middle East–focused commodities update put spot gold at $4,156.89 per ounce at 06:15 GMT, and US gold futures around $4,154.10, up 0.7% and 0.4% respectively. ^[6]
On COMEX, global reports cite front‑month gold futures up around 0.4–0.6%, trading close to $4,196 per ounce in intraday dealings and settling near $4,196.85 for the day in futures data. ^[7]

Snapshot indicators also confirm the broader move:

A popular macro data provider lists gold at $4,166.23 per troy ounce, up 0.85% compared with the previous session, and notes a roughly 4.6% rise over the past month and close to 58% gains over the past year. ^[8]
COMEX gold data published by the Financial Times shows futures around $4,160.40, up roughly 0.5% on the day, with a 52‑week range of $2,582.10–$4,358.00 and a one‑year advance of about 58%. ^[9]

Put simply: gold remains firmly in an uptrend, with today’s price action consolidating the sharp rally that has pushed the metal well above the psychologically important $4,000 level this month. ^[10]

Why gold is rising today: dollar, data and the Fed

1. Weak US data fuels rate‑cut speculation

Over the last 48 hours, several US macro releases have signalled a cooling economy:

US retail sales for September came in softer than expected, indicating a loss of momentum after months of strong consumer spending. ^[11]
Core producer price inflation (PPI) slowed more than anticipated, while the headline PPI is running around 2.7% year‑on‑year, reinforcing the perception that inflation pressures are easing. ^[12]
Measures of consumer confidence have slipped to multi‑month lows, suggesting households are becoming more cautious heading into year‑end. ^[13]

With some official statistics delayed by the ongoing US government shutdown, traders are placing extra weight on the data that is available before the 9–10 December FOMC meeting. ^[14]

According to coverage based on CME FedWatch probabilities, markets now price roughly an 80–85% chance of a 25‑basis‑point rate cut in December, up sharply from around 40–50% a week ago. ^[15]

Lower policy rates tend to reduce real yields (inflation‑adjusted interest rates), which is typically positive for non‑yielding assets like gold.

2. Softer dollar and lower yields boost bullion

Alongside the data, the US dollar index has slipped from recent six‑month highs, with some reports putting it near 99.6 in today’s session – a weekly low – as traders rotate out of the dollar in anticipation of easier Fed policy. ^[16]

A weaker dollar makes dollar‑priced gold cheaper for buyers using other currencies, increasing global physical and ETF demand. ^[17]
Falling Treasury yields have further supported bullion, with analysts quoted in multiple outlets emphasising that “benign” or softer economic indicators are strengthening the case for near‑term easing. ^[18]

This combination – softer yields plus a retreating dollar – has historically been one of the most constructive macro backdrops for gold.

3. Geopolitics and peace signals: mixed impact

Geopolitical risk remains an important underlying driver:

Central European and US media continue to highlight the ongoing uncertainty around the Ukraine–Russia conflict. ^[19]
At the same time, several reports today point to new peace‑plan signals, including suggestions that Ukrainian officials have agreed in principle to parts of a US‑backed plan, and broader talk of a possible de‑escalation path. ^[20]

These peace hints temper haven demand, helping explain why gold is rising but not exploding higher, even as rate‑cut odds jump. One Indian market report explicitly notes that peace‑plan headlines have capped some of today’s upside in global gold prices. ^[21]

Gold price today in India and key local markets

India, one of the world’s largest consumers of physical gold, is seeing strong domestic prices in rupee terms, reflecting both the global rally and local demand during the wedding season.

MCX gold futures

On the Multi Commodity Exchange (MCX):

Morning trade saw gold futures around ₹1,25,760 per 10 grams, up about 0.4–1.0% compared with the previous session, according to several domestic business outlets. ^[22]

This aligns closely with international spot moves and indicates persistent buying interest from jewellers and investors.

Per‑10‑gram bullion prices

One major financial broadcaster reports that: ^[23]

In New Delhi, bullion is around ₹1,25,310 per 10g,
In Mumbai, prices are roughly ₹1,25,530 per 10g,
In Kolkata, about ₹1,25,360 per 10g,
In Bengaluru and Hyderabad, near ₹1,25,630 per 10g.

Across these cities, prices are generally about 1% higher than yesterday, tracking the global advance.

Per‑gram rates for 24K, 22K and 18K gold

Detailed rate tables from Indian dailies and price aggregators show: ^[24]

24K gold (pure gold) around ₹12,705–₹12,873 per gram in major metros such as Mumbai, Delhi, Chennai and Kolkata.
22K gold, commonly used in jewellery, is trading in the ₹11,646–₹11,800 per gram band.
18K gold, frequently used in lighter, design‑driven jewellery, is quoted near ₹9,529–₹9,845 per gram.

Several city‑wise breakdowns note that 24K prices are up around ₹80–₹90 per gram compared with yesterday, with 22K and 18K also gaining ₹65–₹80 per gram, underlining the breadth of today’s move across carat categories. ^[25]

Other regional snapshots: Asia and MENA

Today’s gold rally is visible across broader regional coverage:

A Ukrainian business wire reports that gold rose almost 1% in Asian trading, explicitly linking the move to the weaker dollar and a run of soft US data. ^[26]
A Cairo‑based economic outlet notes that spot gold reached its highest level in nearly two weeks, with spot around $4,156.89 and US futures $4,154.10 early Wednesday, supported by weaker retail sales and talk of a December rate cut. ^[27]
Indian outlets covering global commodities highlight COMEX gold around $4,196 and spot prices near $4,158.51, again stressing that the dollar index’s slide toward the high‑90s has amplified demand. ^[28]

Taken together, the picture is relatively consistent: gold is climbing across time zones, with local currency moves and tax structures modulating how much of the global rally is visible to end‑buyers.

How gold has performed in November so far

Beyond today’s move, November has been a strong month for bullion:

Macro data services show gold up roughly 4.5–5% over the past month and nearly 58% over the last 12 months, a remarkable run even by the metal’s historically volatile standards. ^[29]
Futures data from late October through 26 November show front‑month COMEX contracts climbing from around $4,000 to just below $4,200, with several episodes of sharp intraday volatility. ^[30]

An in‑depth November review from a major FX and metals portal describes gold as entering “the final stretch of November with renewed strength,” having pushed decisively above the $4,140 zone and now probing the upper end of its recent range near $4,170. ^[31]

Key takeaways from that analysis:

Softer US yields, a weaker dollar, geopolitics and central bank buying are all cited as structural supports. ^[32]
Technical structures (using Renko charts) show a sequence of higher lows and defended support around $4,130, indicating healthy dip‑buying rather than disorderly profit‑taking. ^[33]

Technical picture: key levels to watch for XAU/USD

Short‑term technical research published today highlights a few important zones for XAU/USD (gold priced in dollars):

A widely followed intraday analysis notes that gold is testing a resistance band between $4,148 and $4,163. Bears have so far managed to keep price contained below this zone, framing it as a near‑term ceiling. ^[34]
The same framework suggests that failure to break convincingly above this band could see a pullback towards $4,080 and even $3,998, levels that correspond to earlier consolidation zones in November. ^[35]
Conversely, a decisive push above the resistance area could reverse the short‑term downtrend, exposing an “upper target zone” in the $4,298–$4,328 range. ^[36]

The broader November analysis emphasises:

Key support around $4,130–$4,150, where buyers have repeatedly stepped in. ^[37]
An earlier rejection near $4,170, which created a local top and led to a short corrective phase before today’s renewed advance. ^[38]

From a practical standpoint, the market appears to be in a “grinding higher, but not without pauses” mode: the structural trend remains constructive, but short‑term traders are watching the 4,150–4,170 corridor closely for either a breakout or a deeper correction.

What today’s move means for investors and jewellery buyers

For investors and traders:

Today’s action reinforces the narrative that gold is trading as a macro hedge against both policy uncertainty and geopolitical risk.
With the Fed meeting just two weeks away, markets are highly sensitive to any fresh US data on jobs, inflation or spending that might push rate‑cut expectations up or down. ^[39]
Technical studies imply that, while upside remains possible, especially on a clear Fed pivot, volatility around key data releases is likely to stay elevated.

For retail buyers and jewellers, especially in India:

The combination of global dollar‑denominated gains and local rupee dynamics has pushed per‑gram and per‑10‑gram prices to new highs for the season in many cities. ^[40]
Those planning large purchases for weddings or festivals are facing a noticeably higher cost base than earlier in the year, though some may still be incentivised by expectations of further appreciation if the Fed delivers multiple cuts in 2026. ^[41]

Key things to watch after today

Looking beyond today’s session, several catalysts are likely to shape gold’s path:

Upcoming US data and Fed communications
- Jobless claims, revised growth figures and crucial inflation indicators (including the delayed PCE price index, currently expected in early December) will be watched closely. ^[42]
- Any pushback by Fed officials against aggressive easing expectations could spark a dollar rebound and weigh on gold.
December 9–10 FOMC meeting
- A 25‑bp rate cut is largely priced in; the bigger question is the Fed’s guidance for 2026 and the path of real yields. ^[43]
Geopolitical developments, especially around Ukraine–Russia
- Concrete progress on a peace framework could dampen haven demand, while any renewed escalation or failure of negotiations would likely restore some of gold’s risk‑hedging premium. ^[44]
Central bank gold buying and ETF flows
- November analyses highlight continued central bank accumulation, particularly in emerging markets, as a structural pillar of support. ^[45]

Final word and disclaimer

As of Wednesday, 26 November 2025, the gold price today is firmly higher across global markets, with spot XAU/USD trading around $4,160 per ounce and futures just below $4,200, supported by a weaker dollar, softer US data and strong expectations of a December Fed rate cut. ^[46]

Local markets, especially in India, reflect this with notable increases in both per‑gram and per‑10‑gram rates for 24K, 22K and 18K gold. ^[47]

Prices are highly volatile and can change within minutes. All levels quoted here are indicative snapshots based on publicly available data from major exchanges and news outlets on 26 November 2025 and do not constitute investment advice. Before making any trading or investment decisions, readers should consult a regulated financial adviser and check real‑time prices from their preferred broker or bullion dealer. ^[48]

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