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On this day — October 27, 2021
Diwali: The Hindu festival of lights is the largest annual gold-buying event in India. Dhanteras (two days before Diwali) is specifically dedicated to buying gold and silver. India sees billion-dollar surges in jewellery sales over the five-day Diwali season.
Wednesday — a normal trading day. FOMC announcements (when scheduled) typically come on Wednesdays at 2 PM ET, often producing intraday gold volatility.
Day 300 of 365 · Q4 2021 · 82.2% through the year
October 2021 gold market: Inflation worries steady gold
Range-boundInflation worries offset taper pressure.
Gold recovered toward $1,790–$1,800 in October as surging energy prices and persistent supply-chain disruptions drove inflation expectations higher, reviving some hedging demand even as the taper loomed.
What drove gold in October 2021
- surging energy prices
- rising inflation expectations
- supply-chain disruptions
- looming Fed taper
Key events in October 2021
- Oct 22Gold firms near $1,800 as inflation gauges climb
What happened next
November brought a sharp inflation-driven spike and an equally sharp reversal.
For gold buyers
October showed gold could still catch a bid on inflation fear, even with the Fed preparing to tighten.