Gold Rebounds After Late-October Dip
- Gold Invest SA
- Nov 11, 2025
- 2 min read
11 November 2025 — After a sharp pullback in late October, gold has staged a solid recovery, with spot prices climbing back to approximately $4,100–$4,150 per ounce by early November. The rebound signals that the correction may have run its course, at least for now.
Understanding the Current Range
Rather than focusing on a single "normal" price point, traders are now thinking in ranges. Gold is currently trading within a band of roughly $3,950–$4,200 per ounce following October's pullback from record highs above $4,300. This week's upward momentum has been driven by softer US economic data and renewed expectations of interest rate cuts.
For South African investors tracking gold in rands, the current price translates to approximately R70,000 per ounce (around R2,270 per gram) at an exchange rate of roughly USD/ZAR 17.2. Local market prices have aligned with these levels throughout November.
What Ended the Slump?
Several factors contributed to gold's recovery from its early-November lows near $4,000:
Weaker dollar and yields: Following the Federal Reserve's latest policy moves, both the US dollar and Treasury yields eased, making gold more attractive to international buyers.
Risk hedging resumed: Investors returned to gold as a safe-haven asset amid ongoing global uncertainty.
Technical support: Buyers stepped in decisively near the $4,000 level, establishing it as a key support zone.
Price action since 31 October has shown a classic pattern of higher highs and a break above short-term resistance in the $4,045–$4,075 range, confirming the reversal.
What to Watch
Market participants should treat approximately $4,000 as near-term support and $4,200 as resistance until a fresh macroeconomic catalyst emerges. For rand-based traders, the working band is roughly R69,000–R71,000 per ounce.
Whether this rebound develops into a sustained rally or consolidates within the current range will depend on forthcoming US economic data, Federal Reserve signals, and global risk sentiment in the weeks ahead.
