PRESS RELEASE: Dorex Weekly Gold Markets Update – w/e 15.11.2025

This past week, the global gold market experienced a notable correction following the rally that had recently driven prices to multi-year highs. The spot price of gold fell by approximately 3 % in intra-day trading after key Federal Reserve officials signaled that a rate-cut in December is no longer a near-certainty. Dorex notes that this movement aligns with broader market repricing of rate expectations.

“Despite the pull-back, gold still recorded a modest weekly gain of around 2 % as investors weighed lingering macro risks,’ said Dorex CEO John Kochanski.

“Monetary-policy developments dominated proceedings,” he continued “Fed messaging emphasised that inflation remains elevated and that it remains cautious about easing.”

This shift in tone caused the implied probability of a December rate cut to decline to ~46 %. At the same time, U.S. Treasury yields moved higher, increasing the opportunity cost of holding a non-yielding asset such as gold and placing additional pressure on the bullion price.

Political developments were limited this past week, though the backdrop of geopolitical risk continues to provide underlying support for gold.

Tensions between the U.S. executive and the Federal Reserve resurfaced, fueling investor concern over central-bank independence and bolstering gold’s safe-haven status. The weakening of the U.S. dollar in part reflects this backdrop of institutional-risk sentiment.

Central banks continued to hoard gold at historic rates reinforcing structural demand underpinning the market. Although few headline announcements were made this past week, the backdrop of sovereign reserve accumulation remains firmly supportive of gold.

“From a demand perspective, the safe-haven appeal of gold remains intact amid global uncertainty,” Kochanski said, ”though physical demand in Asia has shown signs of softening. Moreover, thin liquidity in the final trading days contributed to sharper swings and amplified volatility.

Technically, the gold market is now testing a critical support zone above US $4,000 per oz.

“A sustained break below US $4,000 could signal further downside risk, while a recovery above US $4,100 would open the door to resumption of the prior upward trend.”

In the near term, gold is likely to remain in a consolidation phase as markets aim to digest shifting policy expectations. Key variables to monitor include further commentary from the Fed, U.S. macro releases (especially inflation and employment data), movements in real yields and the U.S. dollar, and fresh signals of central-bank buying or physical-demand uptick in Asia.

“For participants in the gold sector, including producers and bullion holders, the environment still supports a defensive allocation but demands discipline and awareness of the evolving monetary-policy backdrop,” said Kochanski.
Dorex continues to monitor cross-market signals closely.

ENDS