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On this day — October 9, 2022
Sunday — the international gold market is closed. Spot quotes carry forward from the prior Friday close. Retail rates in jewellery markets may differ slightly based on local Sunday hours.
Day 282 of 365 · Q4 2022 · 77.3% through the year
October 2022 gold market: Gold scrapes multi-year lows
BearishHeavy trade near multi-year lows on dollar and yield pressure.
Gold traded heavily around $1,640 in October 2022, near its lowest levels in over two years, as a still-strong dollar, a fourth jumbo Fed hike on the horizon, and surging global yields kept pressure on. Resilient physical demand quietly cushioned the lows.
What drove gold in October 2022
- dollar near 20-year highs
- expectations of a fourth +75bp hike
- surging global bond yields
- supportive physical and central-bank demand
Key events in October 2022
- Oct 21Gold hovers near $1,640 as yields and the dollar stay elevated
What happened next
November's softer inflation print finally sparked a sharp reversal off the lows.
For gold buyers
October's grind near $1,640 was peak pessimism in dollars — the bottom from which gold would rebound strongly.
Oct 9 across the years — 2020 → 2021
| Year | Oct 9 close | vs prior | |
|---|---|---|---|
| Oct 9, 2021 | $1,773.30 | -7.80% | View |
| Oct 9, 2020 | $1,923.30 | — | View |