Gold Price Today, December 2, 2025: XAU/USD Holds Above $4,200 as Markets Bet on Fed Rate Cut

Spot gold is trading just above $4,200 per ounce on Tuesday, December 2, 2025, easing slightly after touching a six‑week high on Monday as traders book profits but remain positioned for a widely expected Federal Reserve rate cut next week. ^[1]

Key takeaways

Spot gold (XAU/USD) is around $4,218/oz, down roughly 0.3% on the day, with today’s range near $4,201–$4,236. ^[2]
COMEX gold futures for December are holding above $4,250, also down about 0.6%, mirroring the softer spot price. ^[3]
Markets price an ~88% probability of a 25 bps Fed rate cut at the December meeting, keeping the broader gold trend bullish even as yields tick higher today. ^[4]
In India, 24K gold is near recent record territory, with ₹1,30,490–₹1,31,680 per 10g across major metros, supported by wedding‑season demand and Diwali‑era highs. ^[5]
Short‑term forecasts for gold diverge: several analysts still eye a move toward $4,300–$4,380, while others warn of a corrective dip toward $4,160–$4,100 if support breaks. ^[6]

Global gold price today: where XAU/USD stands

As of early Tuesday trade:

Spot gold is quoted around $4,218 per ounce, down about $14 (-0.3%) from Monday’s close. ^[7]
Intraday range so far runs roughly from $4,200.75 to $4,236.10. ^[8]
Kitco’s New York spot feed shows gold around $4,216–$4,218, with today’s low/high near $4,199.90 / $4,237.10and a drop of about 0.3–0.4% on the session. ^[9]
Over the last year, gold has surged nearly 60%, with a 52‑week range between roughly $2,583 and $4,382 per ounce. ^[10]

On the futures side, U.S. gold futures for December delivery are trading just above $4,250/oz, down around 0.6%, according to Reuters and exchange data. ^[11]

Other precious metals today:

Silver is retreating from a record run, trading near $57/oz, down around 1.3% intraday after Monday’s explosive gains. ^[12]
Platinum and palladium are little changed, with platinum just below $1,660/oz and palladium slightly higher near $1,420/oz. ^[13]

What’s driving gold today?

1. Higher yields vs. looming Fed cut

The immediate drag on gold today is a modest rise in U.S. Treasury yields:

10‑year Treasury yields hover near a two‑week high, eroding some of bullion’s appeal as a non‑interest‑bearing asset. ^[14]
Reuters notes that gold is having a “soft performance” today mainly due to firmer yields and profit‑taking after Monday’s rally. ^[15]

However, the bigger picture remains supportive:

Futures markets are pricing roughly an 88% chance of a 25 bps Fed rate cut at the December meeting, up sharply from weeks ago. ^[16]
Analysts stress that anticipated rate cuts lower the opportunity cost of holding gold and tend to support higher prices over time.

2. Dollar still softer than recent peaks

Although the U.S. dollar is off Monday’s lows, it remains weaker than in November, which:

Makes gold cheaper in other currencies, supporting international demand. ^[17]
Has been a key factor in gold’s climb to, and consolidation above, the $4,200 level.

3. ETF inflows and tight physical supply

Fundamentals remain strongly bullish:

The SPDR Gold Trust, the world’s largest gold‑backed ETF, reported holdings rising to about 1,050 metric tons, a gain of nearly 0.5% at the start of the week. ^[18]
A detailed breakdown from research published today highlights that global gold ETF holdings have climbed to roughly three‑year highs, while COMEX inventories are down almost one‑fifth from their peak, a sign of sustained investor and physical demand. ^[19]

This combination of high ETF demand, tightening exchange stocks, and central bank buying is repeatedly cited by strategists as a structural tailwind for gold into 2026. ^[20]

4. Macroeconomic and geopolitical backdrop

Today’s price action comes against a backdrop of:

Soft U.S. data, including weakening manufacturing surveys and signs of cooling labour markets. ^[21]
Sluggish Chinese PMIs, keeping investors wary about global growth. ^[22]
Ongoing geopolitical flashpoints—from the war in Ukraine to tensions around Venezuela—supporting gold’s safe‑haven status. ^[23]

Taken together, these cross‑currents explain why gold is pulling back modestly today but still holding firm in a steep, longer‑term uptrend.

Gold rate today in India and key local markets

India: prices near Diwali all‑time highs

Indian retail prices continue to track global strength, boosted by the wedding season and a still‑soft rupee.

According to Mathrubhumi’s city‑wise breakdown for December 2, 2025: ^[24]

24K gold (₹ per 10g)
- Delhi: ₹1,30,640
- Mumbai & Kolkata: ₹1,30,490
- Chennai: ₹1,31,680
- Bengaluru & Hyderabad: ₹1,30,650
- Pune: ₹1,29,970
22K gold (₹ per 10g)
- Around ₹1,19,610 in Mumbai, Kolkata, Hyderabad and Bengaluru
- Higher at ₹1,20,710 in Chennai

The same report notes that 24K gold rose by ₹10 per 10 grams, while silver gained ₹100 per kilogram, suggesting modest, steady gains rather than a blow‑off spike. ^[25]

Separate coverage from The Hans India and Moneycontrol underscores how close domestic prices now are to their all‑time Diwali highs in rupee terms, with spot and MCX futures supported by a weaker dollar and sustained jewellery demand. ^[26]

UK: gold above £3,200 per ounce

In the UK, Gold Avenue’s live price list shows: ^[27]

1 gram of gold at about £102.89,
1 ounce near £3,200,
Daily performance slightly negative (around ‑0.5%).

That lines up with the global picture: a mild pullback after Monday’s surge, but prices still elevated by historical standards.

What analysts and forecasts are saying on December 2, 2025

Times of India: “Positive” near‑term outlook, eyes on $4,381

A detailed outlook published today by the Times of India argues that gold prices are “poised for a near‑term rise”, driven by: ^[28]

Strong weekly and monthly gains in November
Sharply higher odds of a December Fed rate cut
Rising ETF inflows and declining COMEX inventories

Key levels from that analysis:

Potential near‑term upside: retest of the $4,381 record region
Support zones: around $4,160 and $4,100

The article also cites a Goldman Sachs survey in which roughly 36% of investors expect gold to trade above $5,000/oz by end‑2026, driven by continued central‑bank demand and long‑term fiscal concerns. ^[29]

FXEmpire & FXStreet: bulls focus on $4,300–$4,381

Technical strategists at FXEmpire highlight that Monday’s breakout above $4,245 has put gold in a position to “eye $4,381”—its October peak—so long as the Fed delivers a cut and the dollar stays under pressure. ^[30]

FXStreet’s Monday notes, still very relevant today, stress: ^[31]

Gold is on track for a fifth straight monthly gain,
The broader trend remains firmly bullish,
$4,300 is the next major upside target if bulls can secure a daily close above the $4,250 zone,
On the downside, a break below the $4,000–$3,900 region would be needed to seriously challenge the uptrend.

Forex24.Pro: intraday correction before another leg higher?

Forex24.Pro’s December 2, 2025 forecast describes today’s move as part of a bullish channel with a corrective pause: ^[32]

Current reference price: ~$4,231/oz
Base case:
- Short‑term bearish correction toward $4,195,
- Followed by a rebound with a target above $4,335.
Bear‑case invalidation:
- A decisive break below $4,165,
- Opening the door to deeper losses toward $4,075.

This is broadly consistent with spot trading just above $4,200 while intraday traders watch support zones in the $4,190–$4,200 area.

LiteFinance: watch $4,202 and $4,255

LiteFinance’s fresh daily and 30‑day gold forecast (published this morning) offers a nuanced technical roadmap: ^[33]

Current price snapshot: $4,211.46
On the 4‑hour chart, reversal patterns near $4,255 suggest fading bullish momentum.
Key support levels today: $4,202, $4,157, $4,114 and lower.
Base intraday plan:
- Prefer short positions below $4,202, targeting successive supports down to the low $4,100s.
Alternative bullish scenario:
- Go long on a breakout above $4,255, with upside targets toward $4,314–$4,441.

For the rest of December, LiteFinance projects a moderate rise in gold, with:

Weekly range (Dec 1–7) projected between $4,006 and $4,374,
Month‑end target range around $4,310–$4,340, within a broader $3,894–$4,441 envelope.

TradingView: active debate around 4,200–4,260

Intraday traders on TradingView are split on how to trade today’s consolidation: ^[34]

Some focus on “sell the premium” setups, looking to short $4,225–$4,241 with targets in the $4,190–$4,160 area.
Others favour “buy the dip” strategies, eyeing entries near $4,180–$4,200 to ride a potential retest of $4,264–$4,300.
Several smart‑money style analyses flag $4,265–$4,267 as a liquidity pool where a false breakout could trigger a deeper correction toward $4,186–$4,130 before trend continuation.

The common theme: gold remains in an uptrend, but short‑term volatility around the Fed meeting could create both sharp pullbacks and fast upside extensions.

Silver’s outperformance is part of the story

Gold’s narrative today cannot be separated from silver:

Kitco and other outlets highlight that silver recently broke above $58/oz to fresh records, supported by shrinking inventories and strong ETF buying. ^[35]
Analysts note that the gold/silver ratio has dropped below long‑term support, signalling silver’s stronger relative performance—another sign of aggressive positioning in precious metals as a whole. ^[36]

For gold, silver’s surge is a double‑edged sword: it confirms strong investor interest in metals but may also steal some speculative capital in the near term.

Key levels to watch for gold today

Bringing together the technical zones highlighted across today’s research: ^[37]

Immediate support

$4,202–$4,200: first line intraday support (LiteFinance, TradingView).
$4,195–$4,190: key zone for a shallow correction; holding above keeps the uptrend clean (Forex24.Pro, TradingView).
$4,165–$4,160: deeper support; a sustained break here would warn of a more meaningful pullback.

Deeper downside levels

$4,114–$4,100: widely watched as the next cluster of support if $4,160 breaks.
$4,000–$3,900: medium‑term floor area; a drop into this band would begin to question the current bullish structure.

Upside resistance

$4,255–$4,265: short‑term resistance / liquidity zone. A clean daily close above here would be a strong bullish signal.
$4,300: psychological and technical barrier highlighted by multiple analysts.
$4,381–$4,382: the record high zone, repeatedly cited as the next major target if bulls stay in control.

As of now, with prices hovering a little above $4,200, gold remains comfortably within its bullish channel, but the battle lines are drawn: holding above $4,160–$4,200 keeps the door open to $4,300+, while a decisive break below could usher in a sharper correction.

What to watch next

Over the coming days, traders and investors will be watching:

Fed Chair Powell’s comments, especially any hints on the pace and depth of 2026 rate cuts. ^[38]
U.S. data releases this week:
- ADP employment,
- ISM services PMI,
- Weekly jobless claims,
- The delayed PCE inflation report—still the Fed’s preferred gauge. ^[39]
The December Fed meeting itself, where markets largely assume a cut but will scrutinise the statement and dot plot for clues about 2026. ^[40]
Developments in Ukraine, the Middle East and Venezuela, which continue to underpin safe‑haven demand. ^[41]

If the Fed meets or exceeds dovish expectations and global data remain soft, today’s modest pullback could simply be another “buy the dip” moment in a bull market that many houses now see stretching into 2026.

Important notice

This article is for information and news purposes only. It summarises price data and analyst commentary available on December 2, 2025, and does not constitute investment advice, trading recommendations, or a solicitation to buy or sell any financial instrument. Precious‑metals and currency markets are volatile and leveraged trading involves a high risk of loss. Always consider your personal circumstances and, where appropriate, consult a qualified financial adviser before making investment decisions.