Gold Slips Under Pressure from Strong Dollar Despite Ongoing Safe-Haven Appeal

Gold prices have shown volatile movement in the 24 hours leading up to November 23, 2025, trending slightly lower due to a strong US dollar and fading expectations of an imminent US interest rate cut. According to Trading Economics data, spot gold dropped 0.32% to $4,063.98 per ounce, down 0.89% for the month, though still up over 49% year-on-year, supported by global inflation and increased demand for safe-haven assets.

Analysts attribute gold’s recent pressure to strong US employment figures, which have strengthened the dollar and diminished the likelihood of a rate cut in December, pushing gold towards the key $4,000 support level. However, any easing in inflation indicators could restore momentum toward the $4,100 mark. Ongoing geopolitical tensions continue to underpin global gold demand. In India, local reports note that prices for 10 grams of gold have reached new highs following a previous decline.

According to FXStreet, gold rebounded from its daily lows on November 22 but remained below $4,100, as strong US economic data and a firm dollar maintained downward pressure. The $4,152 level is highlighted as a potential technical target if gold breaks current resistance.

Meanwhile, UBS has raised its gold price forecast through mid-2026, citing persistent factors such as inflation and global tensions, even as prices may remain below $4,100 in the short term. The bank advises investors to monitor US inflation data, noting gold was last trading near $4,066.20 per ounce, down 0.30%.