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On this day — October 22, 2023
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 295 of 365 · Q4 2023 · 80.8% through the year
October 2023 gold market: Israel–Hamas war reignites safe-haven demand
BullishWar 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
Key events in October 2023
- Oct 7Hamas attacks Israel; gold begins a sharp safe-haven rally
- 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 22 across the years — 2020 → 2022
| Year | Oct 22 close | vs prior | |
|---|---|---|---|
| Oct 22, 2022 | $1,643.30 | -9.12% | View |
| Oct 22, 2021 | $1,808.30 | -4.88% | View |
| Oct 22, 2020 | $1,901.00 | — | View |