Washington, Nov. 24, 2025 – Gold was steady as traders weighed the chance of another Federal Reserve interest-rate cut before the end of the year.
Bullion traded above $4,060 an ounce after a modest weekly loss.
Several US central bank officials sounded a cautious note on monetary policy, though New York Fed President John Williams said he sees room for a reduction in borrowing costs in the near term. Gold pared losses on Friday after Williams’ comments but still ended the session lower.
The US shutdown delayed the release of data the market would normally use to gauge the chances of a cut. September retail sales and producer-price data due Tuesday, as well as jobless claims on Wednesday, should provide a much-needed temperature check.
Futures traders are pricing in a slightly more than 60% chance of a quarter-point cut next month. Lower rates tend to benefit bullion as it doesn’t pay interest.
The rate-cut path “is rather hard to predict and a close call, hence gold will likely stay clustering around the current level,” said Ahmad Assiri, a strategist at Pepperstone Group Ltd.
“I don’t see an imminent big move in gold, rather a perfect setup for two-way trades in a less volatile environment.”
The precious metal has been in a consolidation phase since surging to a record high above $4,380 an ounce on Oct. 20. It’s still up around 55% this year, supported by heightened trade and geopolitical uncertainty, as well as concerns over deteriorating fiscal outlooks for many governments.
Spot gold was little changed at $4,064.47 an ounce as of 7:48 a.m. in London after dropping 0.3% on Friday.
The Bloomberg Dollar Spot Index added 0.1%. Platinum and palladium were up more than 1%, while silver edged lower. (Bloomberg)
