Gold futures traded firmly higher on Thursday, signaling renewed momentum in the precious-metals market as investors continued positioning for a more accommodative Federal Reserve and persistent geopolitical uncertainty. The metal held near $4,191.75 in late afternoon trade, extending an upward trend that has defined the second half of 2025 and brought prices back within reach of recent record territory.

Gold Strengthens as Macro Tailwinds Re-Emerge

Gold futures moved within a range of $4,174.70 to $4,199.50, reflecting steady buying interest as traders reassessed the outlook for global monetary policy. The rally comes as expectations for a U.S. rate cut in December continue to firm, with markets pricing in an 85% probability of a 25-basis-point move, a dramatic shift from earlier in the month.

Lower yields and a weaker dollar have provided a constructive backdrop for gold, while geopolitical tensions across the Middle East and shifting global trade relationships have kept safe-haven demand elevated. The metal’s ability to stabilize following its early-November retracement suggests institutional flows remain firmly supportive.

A Robust Recovery From Earlier Volatility

Gold’s recovery from the October–November pullback has come faster than many analysts expected. Prices have climbed sharply from the $3,900 area, regaining momentum as speculative pressure faded and long-term buyers stepped back in. The chart shows a decisive return to higher lows and a continuation of the broader uptrend that began in early summer.

The recent move places gold within striking distance of its early-November highs above $4,300, a region that previously triggered heavy profit-taking. Market participants note that the metal’s resilience reflects stronger-than-usual demand from sovereign wealth funds and central banks, which have increased gold holdings in response to rising political risks and long-term concerns about currency stability.

Technical Setup Points Toward Further Upside

From a technical standpoint, gold futures remain firmly bullish. The price has resumed trading above key moving averages, while momentum indicators suggest the potential for another breakout should buyers continue to defend support above $4,150. The absence of deeper corrections highlights the strength of the current trend, with traders targeting the next resistance zone near $4,250.

Analysts caution, however, that gold’s rapid ascent has historically led to short bouts of consolidation as speculative flows rebalance. Still, the broader structure suggests upward pressure is likely to persist if macro conditions continue to favor safe-haven assets.

What to Watch Next

Investors now turn their attention to upcoming U.S. inflation data and Fed communications, both of which are expected to shape near-term direction. Any signals confirming a December rate cut would strengthen gold’s bullish case, while softer geopolitical tensions or stronger U.S. economic data could moderate momentum. For now, gold enters December with firm support and rising expectations of a renewed push toward record highs.