Gold rose sharply on Monday, November 10, 2025, soaring back above the $4,100 mark in the global commodities market.
The yellow metal, which gained 2.88% on the day, extended its momentum to Tuesday, trading around $4,130 per ounce ahead of London’s pre-market opening on November 12.
This surge has lifted gold’s month-to-date performance to over 3%, marking a solid comeback after a late-October pullback.
The metal had earlier retreated from an all-time daily high of $4,355 per ounce to below $4,000, nearly breaching the $3,900 level on October 29.
Analysts described the decline as a healthy correction following gold’s over 50% year-to-date rally, which had pushed prices into overbought territory.
Investors appear to have capitalized on that dip, with renewed buying momentum suggesting demand for safe-haven assets amid mounting uncertainty surrounding U.S. trade tariffs and the broader global economy.
Gold’s recent rebound has been fueled by renewed safe-haven demand amid rising uncertainty over U.S. trade policies and the broader economy, according to analysts at ANZ Bank.
They explained that the U.S. Supreme Court recently questioned the Trump administration’s use of an emergency law to enforce its tariff plan, a move that could be ruled unconstitutional.
In response, President Trump warned on Monday evening that overturning his tariffs could cost the government more than $2 trillion in refunded duties.
“The markets are likely to face months of uncertainty, with no ruling expected before the end of the year,” ANZ analysts wrote.
On the economic front, investors also remained cautious as the ongoing U.S. government shutdown delayed several key data releases.
Nicky Shiels, head of research at MKS Pamp SA, noted that the Federal Reserve might inject more liquidity into the system to ease the impact of the shutdown.
She pointed out that New York Fed President John Williams had hinted at a possible balance sheet expansion to support liquidity.
“Gold and silver like the prospect of more money being pumped into the system or higher asset prices,” Shiels said.
Gold has stayed strong in its uptrend, now up more than 57% year-to-date as of the London session open on November 11.
In September, analysts at UBS projected as much as a 150% upside in gold-related valuations, with the yellow metal expected to reach US$4,500 per ounce by 2026.
In September, analysts at UBS projected as much as a 150% upside in gold-related valuations, with the yellow metal expected to reach US$4,500 per ounce by 2026.
The forecast builds on UBS’s earlier December 2024 projection of US$3,900 per ounce, which materialized in early October 2025. Details of the outlook were outlined in the bank’s research note titled “In Gold We Trust.”
In that report, UBS analysts said U.S. inflation is likely to remain sticky, while ongoing geopolitical tensions and internal divisions within the Federal Reserve could continue to weigh on the dollar.
They added that such conditions are likely to keep investors drawn to safe-haven assets like gold and silver, given their historically negative correlation with the U.S. dollar.