Gold prices rose to a higher level, pushing past $4,325 and reaching their strongest level in weeks. Investors keep piling in, betting that US interest rates are headed lower next year. This cautious vibe running through markets just won’t quit, keeping demand for safe-haven assets like gold alive and well.
Right now, it’s all about where rates go next. The Fed already wrapped up its last cut for the year, so everyone’s guessing what’s coming down the line. More folks think borrowing costs will drop again in 2026, which makes yield-focused assets less tempting. That shift quietly sends money back toward gold. Plus, with global tensions and economic jitters hanging around, plenty of people still want the safety gold offers.
Still, it hasn’t been a smooth ride up. Some recent Fed comments sounded a lot more cautious, hinting that inflation isn’t quite tamed yet. That gave the US dollar a quick boost and slowed gold’s climb for a bit. Now, traders are glued to any upcoming speeches from top Fed officials, searching for any hint about whether they’ll stick with caution or lean toward a more flexible stance.
Jobs Data Looms Large
Now, all eyes are on Tuesday’s big jobs data drop for October and November-Nonfarm Payrolls, wage growth, unemployment—the whole set. If the numbers come in soft, it only adds weight to the idea of more easing ahead. But if the labour market holds up strong, you might see some folks cashing out of gold.
Levels Traders Are Watching
When it comes to price levels, gold looks steady. It’s holding above its 100-day exponential moving average, and the momentum still feels solid. There’s resistance around $4,345–$4,355—if gold breaks through that, the record near $4,381 isn’t far off. Beyond that, attention then shifts to the $4,400 mark.
If gold falls back, the early support is around $4,257, and stronger buying interest is around $4,200. A larger decline may lead to a test of the $4,166 region, as that’s where the lower Bollinger Band finds its way.
