Gold Price Today, December 5, 2025 (3:30 p.m. EST): XAU/USD Hovers Near $4,200 as Markets Bet on Fed Rate Cut

As New York heads into late afternoon trading on Friday, December 5, 2025, gold prices are holding above the psychological $4,200 per ounce level, with investors laser‑focused on U.S. inflation data and next week’s Federal Reserve decision.

Live gold price at around 3:30 p.m. EST

Based on real‑time spot prices for XAU/USD, gold was trading just above $4,200 per ounce around 3:30 p.m. Eastern Time, edging slightly lower on the day but still near historic highs. On Investing.com, spot gold was quoted at about $4,203 per ounce at 15:29:45 ET, after moving in an intraday range of roughly $4,195 to $4,259. ^[1]

Key intraday metrics:

Spot gold (XAU/USD): ≈ $4,200–$4,210/oz in late New York trade
Day’s range: $4,194.90 – $4,259.18/oz ^[2]
Change vs Thursday’s close: down by about $6, or –0.1%, from a previous close near $4,209/oz ^[3]
52‑week range: about $2,583 – $4,382/oz, underscoring how elevated current prices remain ^[4]

On the futures side, front‑month COMEX gold contracts were also softer but still comfortably above $4,200:

Gold futures (COMEX, front month): around $4,233/oz, versus a previous close of $4,243/oz
Futures day’s range: roughly $4,224.90 – $4,290.40/oz
1‑year change: close to +60% over the past 12 months ^[5]

According to TradingEconomics, gold has climbed to around $4,217/oz, up about 6% over the past month and roughly 60% over the past year, confirming 2025 as one of the metal’s strongest years in decades. ^[6]

What’s moving gold today?

1. Softer dollar and Fed rate‑cut expectations

This afternoon’s gold action is dominated by expectations of a Federal Reserve rate cut at its December 9–10 meeting.

A Reuters market update earlier in the day reported spot gold up around 0.5% at roughly $4,227/oz, with U.S. gold futures near $4,258/oz, supported by a weaker U.S. dollar trading close to a five‑week low and growing conviction that the Fed will cut rates by 25 basis points next week. ^[7]

Investing.com likewise noted that spot gold climbed to about $4,226.84/oz at 08:15 ET, while February futures gained to around $4,257.80/oz, citing dollar softness and Fed easing bets as key drivers. ^[8]

Because gold does not pay interest, lower policy rates and falling real yields tend to make the metal more attractive relative to interest‑bearing assets, helping to anchor prices near record territory.

2. PCE inflation data: “Outdated” but still watched

Markets also digested the Personal Consumption Expenditures (PCE) price index, the Fed’s preferred inflation gauge. A Kitco report described the release as “outdated” but noted that annual core PCE is holding at about 2.8%, still above the Fed’s 2% target but not accelerating. ^[9]

Kitco’s afternoon coverage said gold is “holding its ground” above $4,200 as the data failed to meaningfully alter expectations for a cut next week, reinforcing the sense that monetary policy is turning more supportive for bullion. ^[10]

3. Mixed U.S. economic signals

The macro backdrop remains nuanced:

Jobless claims fell to around a three‑year low, signalling labor‑market resilience.
Private payrolls, however, posted a surprise decline, pointing to cooling momentum. ^[11]

This combination—slowing growth but not outright recession—is helping keep Fed‑cut expectations alive while preventing an excessive rush into risk assets, supporting gold as a portfolio hedge.

4. Silver’s record run and broader precious‑metal sentiment

Gold is also trading in the shadow of a spectacular rally in silver. Reuters reported this week that silver has surged over 100% in 2025, repeatedly setting new records above $58/oz, even as gold consolidates near all‑time highs around the low $4,200s. ^[12]

Today’s Reuters update highlighted silver up about 2% to roughly $58.27/oz, almost exactly at its record zone, with platinum and palladium also higher by around 1%. ^[13]

The strength across the precious‑metals complex reinforces the idea that investors are seeking hedges against:

Currency debasement
Geopolitical stress
Equity‑market volatility

2025: A historic year for gold

Even with today’s modest pullback, 2025 is shaping up to be a banner year for gold.

The World Gold Council’s 2026 outlook notes that in 2025, gold has delivered returns of over 60%, notched more than 50 all‑time highs, and benefited from a combination of robust central‑bank buying, investment flows, and risk‑hedging demand. ^[14]

A recent year‑end review at Nasdaq similarly points out that gold has climbed from roughly $2,600/oz at the start of the year to record levels above $4,300/oz, marking one of its strongest annual rallies in nearly half a century. ^[15]

In a Breakingviews commentary, Reuters argues that this is not just a typical late‑cycle commodity spike. Analysts there frame gold’s behavior as a potential “paradigm shift” driven by:

Central banks in emerging markets accumulating more than 1,000 tonnes of gold annually in recent years
Geopolitical shocks such as the seizure of Russian reserves in 2022, which has shaken confidence in dollar reserves
Elevated public debt and concerns over the long‑term value of government bonds ^[16]

Together, these forces may be re‑casting gold as the preferred reserve and risk‑hedging asset, not just a tactical inflation trade.

Gold price today in India: MCX and retail rates

MCX gold: “Sell on rise” intraday view

In India, one of the world’s largest gold‑consuming markets, traders are watching both domestic futures on MCX and retail rates per gram.

On the Multi Commodity Exchange (MCX), gold futures were trading near ₹1,30,000, with analysts at LKP Securities describing the intraday structure as weak. Jateen Trivedi, Vice President and Research Analyst (Commodity & Currency), is advising a “sell on rise” strategy for today’s session. ^[17]

The Times of India summary highlights:

Suggested entry zone: around ₹1,30,400–₹1,30,450
Stop‑loss: near ₹1,31,500
Targets: ₹1,29,300 and ₹1,29,000
Bias: bearish below ₹1,30,750, with further downside if prices sustain below roughly ₹1,29,800 ^[18]

The call is based on:

Flattening 8‑ and 21‑period EMAs, signalling fading upside momentum
Gold slipping below the middle Bollinger band, hinting at mild bearishness
A neutral RSI near 50 and a MACD below its signal line, consistent with a tired uptrend and scope for corrective moves ^[19]

Retail gold rates across major Indian cities

On the physical side, Indian retail prices eased slightly today. According to a Mathrubhumi report citing GoodReturns data: ^[20]

All‑India benchmark (per 1 gram):
- 24K gold: ₹12,965
- 22K gold: ₹11,884
- 18K gold: ₹9,723

Indicative city‑wise 24K per‑gram prices include:

Chennai: ₹13,112
Mumbai: ₹12,965
Delhi: ₹12,980
Kolkata: ₹12,965
Bengaluru: ₹12,965
Hyderabad & Kerala: also around ₹12,965 ^[21]

While intraday momentum looks fragile on MCX, the article stresses that Indian households still view gold as a long‑term store of value and inflation hedge, keeping underlying demand resilient. ^[22]

What are analysts forecasting for gold in 2026?

Big banks turn structurally bullish

Despite short‑term wobbling around $4,200, several major institutions remain decidedly optimistic on gold’s medium‑term outlook:

Morgan Stanley sees scope for gold to climb to around $4,500/oz by mid‑2026, citing strong physical demand and continued diversification away from the U.S. dollar. ^[23]
The same Reuters piece notes that Bank of America has lifted its 2026 gold price forecast to about $5,000/oz, reflecting expectations of sustained central‑bank demand and lower real rates. ^[24]
J.P. Morgan Research projects that gold could average about $3,675/oz in Q4 2025, rising toward $4,000/oz by the second quarter of 2026. ^[25]
Deutsche Bank has raised its 2026 forecast to roughly $4,450/oz, with a projected trading band of around $3,950–$4,950, pointing to a weaker dollar and geopolitical tension as key supports. ^[26]
An Economic Times report quotes UBS analyst Giovanni Staunovo expecting gold to reach about $4,500/oz in 2026, building on the metal’s recent move above $4,250. ^[27]
A Livemint piece adds that Indian brokerage Ventura sees potential for gold to reach $4,600–$4,800/oz in 2026, while HDFC Securities continues to recommend a 5–10% portfolio allocation to gold amid ongoing volatility. ^[28]

Meanwhile, the World Gold Council’s latest outlook suggests that, under most macro scenarios, gold could deliver modestly positive real returns in 2026, with the biggest upside coming if growth slows, inflation stays sticky, and real yields move lower—conditions that have characterized much of 2025. ^[29]

“Bubble” or new normal?

Not everyone is comfortable with gold near $4,200–$4,300. The Reuters Breakingviews column notes that some observers see bubble‑like behavior, pointing to a 60% jump in 2025 alone, the strongest performance in more than 40 years. But the piece argues that structural shifts—central‑bank hoarding, distrust of fiat reserves, and high government debt—may justify higher long‑run equilibrium prices than in past cycles. ^[30]

In other words, while sharp corrections are possible, especially after such a steep run‑up, the underlying demand storyfor gold may be more durable than a simple speculative bubble.

Short‑term technical picture

Globally, technical screens on gold futures still lean bullish. Investing.com’s daily technical overview currently flags a “Strong Buy” signal for gold futures, based on trend‑following indicators and moving averages, even as prices consolidate below this week’s highs. ^[31]

Key levels traders are monitoring:

Immediate resistance (spot XAU/USD): around $4,260–$4,280, roughly today’s intraday high zone
Support: initial support near $4,190–$4,200, followed by a deeper band around $4,160–$4,170 based on this week’s lows ^[32]

In India, the MCX intraday roadmap from LKP Securities effectively sets: ^[33]

Resistance: ₹1,30,750 and above
Support: ₹1,29,800, then ₹1,29,300 and ₹1,29,000

A break below these supports could trigger a short‑term correction, even if the longer‑term bull trend remains intact.

What today’s gold move means for investors

For investors and traders watching gold price today, December 5, 2025, a few themes stand out:

Macro still dominates:
- The Fed’s December 9–10 meeting is the immediate catalyst. A 25 bps cut, as markets expect, may keep gold supported; a surprise hold or hawkish tone could spark volatility. ^[34]
Valuations are rich but supported by structural demand:
- With gold up around 60% year‑on‑year and near record highs, short‑term downside risk is real. ^[35]
- At the same time, central‑bank buying and diversification out of the dollar provide a strong fundamental backbone to the rally. ^[36]
Regional strategies differ:
- Indian traders are seeing near‑term weakness on MCX and leaning toward sell‑on‑rise intraday strategies. ^[37]
- Global institutional research, by contrast, largely frames gold as a strategic overweight heading into 2026, with price targets ranging roughly from $4,000 to $5,000. ^[38]
Instruments matter:
- For investors who prefer ETFs over physical metal, analysis on platforms like Seeking Alpha notes that large U.S. funds such as GLD and IAU remain popular, with GLD favored for liquidity and IAU for its lower expense ratio—factors worth weighing alongside price views. ^[39]

As always, anyone considering an allocation to gold should factor in their time horizon, risk tolerance, and overall portfolio mix. Prices at these levels can move sharply in both directions, especially around major central‑bank decisions and macro data releases. Today’s action around $4,200 shows that even after an extraordinary year, the gold market remains very much alive, liquid, and driven by a complex blend of policy expectations, geopolitical risk, and long‑term shifts in the global monetary order.