Gold Steady as markets await key US data

24 November 2025

Gold Steady as Markets Await Key US Data After Shift in Rate-Cut Expectations

Market comments on behalf of Terence Hove Financial Markets Strategist Consultant to Exness

Gold prices remained close to the level seen during the last few trading sessions ahead of this week’s economic releases and amid the latest geopolitical developments. The metal has struggled to gain traction after the rapidly changing interest rate expectations. However, the probability of a December move jumped to around 71%, up from roughly 40% last week following remarks from New York Fed President John Williams, which could limit downside risks for gold.

Investors now focus on incoming data that could reshape the Fed narrative once again. September’s PPI data and this week’s ADP weekly employment indicators could help clarify whether inflationary pressures and labour-market softness would tilt the balance. While stronger-than-expected numbers could weaken the case for a cut and strengthen the dollar, weighing on gold, softer figures would likely revive dovish expectations and help the metal record some gains.

On the geopolitical front, signs of progress in Eastern Europe contributed to a more positive mood. Although still distant, the prospect of a peace deal could weigh on the demand for safe-haven assets. However, ongoing tensions in the Middle East could continue to support demand.

 

Zaid Barem / ymm