By Atoyebi Nike
Gold rebounded sharply on Monday, November 10, 2025, climbing back above the $4,100 per ounce mark in global commodities trading. The metal gained 2.88% on the day and continued its upward momentum on Tuesday, trading around $4,130 per ounce ahead of London’s pre-market session on November 11.
The surge has lifted gold’s month-to-date performance to over 3%, marking a solid recovery after a late-October pullback, when prices dipped below $4,000 per ounce, nearly touching $3,900 on October 29. Analysts described the previous decline as a healthy correction following gold’s extraordinary over 50% year-to-date rally, which had pushed prices into overbought territory.
Investors appear to be capitalizing on the dip, with renewed buying signaling demand for safe-haven assets amid mounting uncertainty over U.S. trade policies and global economic conditions. Analysts at ANZ Bank highlighted that the recent rebound has been fueled by concerns over the legality of the Trump administration’s emergency tariff measures, which the U.S. Supreme Court questioned. President Trump warned that invalidating the tariffs could cost over $2 trillion in refunded duties, adding to market uncertainty.
Economic factors have also contributed to gold’s appeal. The ongoing U.S. government shutdown delayed key economic data releases, prompting speculation that the Federal Reserve may inject additional liquidity to stabilize markets. Nicky Shiels, head of research at MKS Pamp SA, noted that potential balance sheet expansion could boost asset prices, increasing appeal for precious metals.
As of London’s market open on November 11, gold has climbed more than 57% year-to-date, maintaining its strong uptrend.
Analysts remain bullish on gold’s medium-term prospects. In September, UBS projected a potential 150% upside in gold valuations, anticipating prices could reach $4,500 per ounce by 2026. This forecast builds on the bank’s earlier December 2024 projection of $3,900 per ounce, which was achieved in early October 2025.
UBS analysts highlighted that sticky U.S. inflation, ongoing geopolitical tensions, and internal divisions within the Federal Reserve could continue to weigh on the dollar, sustaining demand for safe-haven assets such as gold and silver due to their historically negative correlation with the U.S. currency.
