Global gold prices rise on weak US data; Central bank buying — led by china

Global gold prices edged higher on Tuesday as weak US economic data boosted expectations of a Federal Reserve rate cut next month, while renewed large-scale buying by central banks — particularly China — continued to support the metal’s long-term upward trend.

Gold rebounds from one-week low on softer US indicators

Reuters reported that spot gold rose 0.4% to US$4,072.37 per ounce at 14:00 ET on November 18, 2025, recovering from its lowest level since November 10.

US gold futures for December delivery slipped 0.2% to US$4,066.50 per ounce.

The rebound followed US jobless-benefit data showing the number of Americans receiving unemployment support at a two-month high, with continuing claims rising to 1.9 million for the week ending October 18.

Independent metals trader Tai Wong said the data “slightly lifted hopes” for a December rate cut, supporting gold and silver after three straight days of losses.

CME’s FedWatch tool now assigns nearly a 50% chance of a December rate cut — up from 46% a day earlier, but down from 67% last week.

Gold, a non-yielding safe-haven asset, tends to benefit from lower rates. Prices had fallen over 3% on Friday and 1% on Monday as expectations of another US rate cut weakened.

Markets are now awaiting:

• minutes from the Fed’s October 28–29 meeting (due Wednesday), and
• the delayed US September jobs report (due Thursday), postponed by the recent US government shutdown.

Morning session: gold steady as investors watch stock-market volatility

Bloomberg reported that on November 19, gold in early Asian trade was up 0.1% at US$4,071.89, with silver slightly higher and platinum/palladium mixed.

Gold remained stable around US$4,070 as global stock-market jitters, concerns over inflated tech-sector valuations, and uncertainty over Fed policy kept safe-haven demand firm.

China steps up gold purchases — major driver of long-term bullish outlook

Separately, Goldman Sachs told Bloomberg that the People’s Bank of China (PBOC) sharply increased its gold reserves in September, adding 15 tonnes after a seasonal slowdown in purchases.

Analyst Lina Thomas estimated that central banks worldwide bought 64 tonnes of gold in September — more than triple the 21 tonnes in August — signalling a renewed wave of official-sector accumulation.

Over the past three years, sustained central-bank buying has been a key factor behind gold reaching an all-time high above US$4,380 per ounce in October.

Goldman Sachs said the buying trend is expected to continue through Q4 and into 2026, projecting average monthly purchases of 80 tonnes across central banks.

Gold price forecast: US$4,900 per ounce in 2026

Goldman Sachs forecasts gold could reach US$4,900 per ounce by the end of next year, driven by:

• continued central-bank accumulation, especially by China
• increased inflows from private investors
• an eventual shift toward more accommodative Fed policy
• rising geopolitical and financial-system risks, encouraging reserve diversification

Other precious metals

• Spot silver rose 1.2% to US$50.78
• Platinum gained 0.5% to US$1,541.57
• Palladium climbed 1.1% to US$1,408.52