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On this day — October 6, 2023

Friday — typically a higher-volatility close to the week. US monthly non-farm payrolls publish on the first Friday of each month at 8:30 AM ET, the single most-watched economic data release for gold.

Day 279 of 365 · Q4 2023 · 76.4% through the year

October 2023 gold market: Israel–Hamas war reignites safe-haven demand

Bullish

War reignited safe-haven flows and reversed the autumn slide.

Gold rallied hard in October after the October 7 Hamas attack on Israel triggered war and fears of a wider Middle East conflict. The metal climbed from about $1,820 to near $2,000, erasing weeks of losses in a matter of days.

What drove gold in October 2023

  • Israel–Hamas war (Oct 7)
  • Middle East escalation fears
  • safe-haven flows
  • falling real yields late month
Themes#geopolitics#Middle East#safe-haven demand

Key events in October 2023

  1. Oct 7Hamas attacks Israel; gold begins a sharp safe-haven rally
  2. Oct 27Gold approaches $2,000 as the conflict intensifies

What happened next

The rebound flowed into a strong year-end as Fed-cut bets revived.

For gold buyers

October repeated a familiar pattern — geopolitical shock lifts gold fast, rewarding those already positioned before the headlines.

Oct 6 across the years — 20212022

-2.6% over 1 years
20212022
YearOct 6 closevs prior
Oct 6, 2022$1,714.20-2.59%View
Oct 6, 2021$1,759.70View
Each row is the verified XAU/USD spot close for Oct 6 of that year. Click any row to open the full daily archive (with country tables for Oct 6, 2021+).