BAF NEWS

November 2025 gold rally nears two‑week high

The November 2025 gold rally advanced across Nov. 24–26, with spot prices rising from roughly $4,112/oz to about $4,161/oz. On Nov. 26, gold hits near two week high, with spot gold price 4161 cited by multiple reports. Gains were underpinned by fed rate cut bets december as traders anticipated near‑term easing.

Timeline: Nov. 24–26 moves and odds

On Nov. 24, spot rose more than 1% to about $4,112/oz, according to available reports. By Nov. 25, prices hovered near $4,140/oz as U.S. futures settled around $4,140/oz. On Nov. 26, spot gold price 4161 coincided with cme fedwatch odds holding near 84%, after rising from roughly 79% to the mid‑80% range.

Drivers of the November 2025 gold rally

Strengthening market‑implied odds of a December cut formed the core driver. As cme fedwatch odds climbed, bullion demand firmed. Consequently, fed rate cut bets december remained the key narrative across the three‑day window.

Dovish Fed remarks: Waller, Miran, Williams

Fed commentary reinforced easing expectations. “I’m advocating for a rate cut at the next meeting,” Fed Governor Christopher Waller said, as cited in reports. Moreover, Fed Governor Stephen Miran said a weakening job market calls for further cuts, while New York Fed President John Williams said rates could fall “in the near term.” Together, these remarks supported gold hits near two week high.

Why lower rates support gold

Lower interest rates reduce the opportunity cost of holding non‑yielding bullion. Therefore, falling policy rates often buoy gold in uncertain backdrops. This dynamic was repeatedly noted across coverage of the November 2025 gold rally.

Dollar moves: from firm to one‑week low

Gold gains persisted even as the dollar stayed firm near recent highs on Nov. 25. However, the us dollar one week low on Nov. 26 added a clear tailwind to bullion. As a result, the rally held its tone into mid‑week.

U.S. data reinforced rate‑cut odds

Softer retail sales and a steady 2.7% year‑over‑year PPI reading supported the case for December easing. Additionally, this data flow aligned with dovish Fed signals. Consequently, traders kept fed rate cut bets december elevated into late November.

What’s Next: December Fed decision and data catalysts

All eyes shift to the Fed’s December meeting, where rate direction will anchor gold’s next leg. Incoming U.S. data, dollar trends, and any fresh Fed guidance could sway cme fedwatch odds and bullion. If the us dollar one week low extends or reappears, the November 2025 gold rally could see additional support.