Published November 17, 2025
Summary: Gold prices eased on Monday as a stronger U.S. dollar and fading odds of a near‑term Federal Reserve rate cut dented demand for the non‑yielding metal. By mid‑afternoon in New York, spot bullion traded near $4,019 per ounce and December COMEX futures settled around $4,074.50. Markets are now focused on this week’s Fed minutes and the rescheduled U.S. jobs report after the government reopened. [1]
Where the gold price stands right now
- Spot gold (XAU/USD): Around $4,019/oz at 3:13 p.m. ET (20:13 GMT), after swinging between $4,007 and $4,107 earlier in the session. [2]
- COMEX gold futures (Dec):Settled at $4,074.50/oz on Monday. [3]
- Intraday context: During early U.S. trade, gold briefly reclaimed the $4,100 handle before slipping back as the dollar firmed. [4]
- 52‑week range (XAU/USD):$2,561–$4,382. [5]
Note: Quotes are real‑time or near real‑time and can change quickly during the session. Always check a live feed before making decisions. [6]
What moved gold today
1) A firmer U.S. dollar
The dollar index edged higher, mechanically pressuring dollar‑priced gold. A stronger greenback makes bullion more expensive for holders of other currencies and typically weighs on spot prices. [7]
2) Rate‑cut bets scaled back
Traders dialed down the probability of a December Fed rate cut to roughly the low‑40% area, sapping enthusiasm for non‑yielding assets like gold. Lower rates are generally supportive for bullion; fading odds had the opposite effect today. [8]
3) Data and policy catalysts ahead
With Washington reopened, markets expect a “data deluge” this week. Investors are watching Wednesday’s FOMC minutes and a rescheduled September nonfarm payrolls report on Thursday for fresh policy cues. [9]
Big‑picture flows: central banks still buying
A fresh note from Goldman Sachs flagged that central banks likely continued heavy gold purchases into November, a multi‑year trend tied to reserve diversification. The bank estimates 64 tonnes of buying in September (vs. 21 tonnes in August) and reiterated its $4,900/oz year‑end 2026 price target. It also highlighted that spot prices are up roughly 55% year‑to‑date, underpinned by geopolitical risk, ETF inflows and expectations of easier policy. [10]
Market snapshot for investors
- Day’s trading range:$4,007–$4,107 (XAU/USD). Watching whether buyers can defend $4,000 remains key for sentiment. [11]
- ETF proxy (GLD): The SPDR Gold Shares (GLD), the largest bullion‑backed ETF, closed around $371.65 on Monday, tracking the pullback in spot prices. (ETF prices include fund costs and may not perfectly match spot.) [12]
Today’s analyst take and technical context
Short‑term, gold is struggling to build traction above $4,100, with intraday support repeatedly emerging near $4,040–$4,060. Momentum indicators have flattened as traders await this week’s macro catalysts, leaving the metal range‑bound beneath initial resistance. A clear daily close back above $4,100–$4,130 would reassert bullish control; failure to hold $4,000 would risk deeper mean‑reversion after the autumn surge. [13]
What to watch next (this week)
- FOMC minutes (Wednesday): Markets will parse the tone for clues on the path of rate cuts after the Fed’s most recent 25 bps move. A more hawkish‑than‑expected read could keep gold capped; a dovish slant would likely support bids above $4,100. [14]
- Rescheduled U.S. jobs report (Thursday): With data delayed by the shutdown, the labor print may carry extra weight. Softer jobs would bolster rate‑cut hopes—and gold—while a firm report could strengthen the dollar and pressure bullion. [15]
- Central‑bank flow chatter: Any confirmation of ongoing official‑sector buying will be watched for validation of Goldman’s constructive 2026 target. [16]
Bottom line for November 17, 2025
Gold eased back toward $4,020 as the dollar firmed and December rate‑cut odds ebbed, keeping the metal capped beneath $4,100. The near‑term trajectory hinges on Fed minutes and delayed U.S. data later this week, while central‑bank demand continues to provide a strong structural backstop over the medium term. [17]
Sources used today: Intraday pricing and settlement levels; macro drivers and calendar; and central‑bank‑buying commentary are drawn from Reuters, with real‑time ranges and reference levels cross‑checked against Investing.com and early‑session context from MINING.com. ETF closing data referenced Financial Times. [18]
References
1. www.reuters.com, 2. www.reuters.com, 3. www.reuters.com, 4. www.mining.com, 5. www.investing.com, 6. www.investing.com, 7. www.reuters.com, 8. www.reuters.com, 9. www.reuters.com, 10. www.reuters.com, 11. www.investing.com, 12. markets.ft.com, 13. www.fxstreet.com, 14. www.reuters.com, 15. www.reuters.com, 16. www.reuters.com, 17. www.reuters.com, 18. www.reuters.com
