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On this day — November 6, 2022
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.
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 310 of 365 · Q4 2022 · 84.9% through the year
November 2022 gold market: Soft inflation print sparks a sharp rebound
BullishA violent rebound on the first sign of cooling inflation.
Gold rallied strongly in November, climbing back toward $1,800 after a softer-than-expected US inflation report on November 10 sent the dollar tumbling and revived hopes that the Fed would slow its hikes. It was gold's best month of the year.
What drove gold in November 2022
- softer US CPI (Nov 10)
- dollar pullback
- Fed slowdown hopes
- renewed central-bank gold buying
Key events in November 2022
- Nov 10Cooler US inflation print; dollar drops, gold jumps
What happened next
The rebound carried gold into a quietly strong 2023, fuelled by record central-bank buying.
For gold buyers
November's reversal showed how violently gold can snap back once the market smells a Fed pause — rewarding buyers of the September–October lows.
Nov 6 across the years — 2020 → 2021
| Year | Nov 6 close | vs prior | |
|---|---|---|---|
| Nov 6, 2021 | $1,801.90 | -7.16% | View |
| Nov 6, 2020 | $1,940.80 | — | View |