Gold eases as stronger dollar weighs ahead of Fed minutes

November 19, 2025 (MLN):  Gold prices inched lower on Wednesday as a firmer U.S. dollar weighed on the metal, while investors looked ahead to the release of Federal Reserve meeting minutes and key U.S. employment data that could offer further clues about the future path of interest rates.

Spot gold was up 1.7% at $4,084.73 an ounce as of [10:18 am] PST, according to data reported by Mettis Global.

December gold futures eased 0.1% to $4,061.60.

“Gold’s recent rally has been tempered by the stronger U.S. dollar and uncertainty over when the Fed might deliver its next rate cut,” said Tim Waterer, Chief Market Analyst at KCM Trade, CNBC reported.

 “Still, rising risk aversion has kept gold attractive as a safe-haven asset, limiting the downside.”

The dollar edged 0.1% higher against major peers, making bullion more expensive for buyers using other currencies.

Global equities have come under pressure this week, with the S&P 500 extending its decline to a fourth straight session amid renewed worries over the lofty valuations of AI-related stocks.

Market participants are now focused on the Fed’s meeting minutes due later on Wednesday, as well as the September non-farm payrolls report delayed due to the recent U.S. government shutdown and now scheduled for release on Thursday.

The Fed trimmed interest rates by 25 basis points last month, though Chair Jerome Powell cautioned that further easing this year would depend heavily on incoming economic data.

According to CME Group’s FedWatch tool, traders are pricing in nearly a 49% chance of a rate cut at the central bank’s December 9–10 meeting.

Lower rates typically support non-yielding gold, which also tends to benefit during periods of economic uncertainty.

In other precious metals, spot silver was steady at $50.70 per ounce. Platinum dropped 0.5% to $1,527.63, while palladium fell 0.3% to $1,396.68.

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