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On this day — October 20, 2022
Thursday — a normal trading day. Weekly US initial jobless claims publish at 8:30 AM ET on Thursdays, occasionally producing intraday gold movement.
Day 293 of 365 · Q4 2022 · 80.3% 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.