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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

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 22 across the years — 20202022

-13.6% over 2 years
20202022
YearOct 22 closevs prior
Oct 22, 2022$1,643.30-9.12%View
Oct 22, 2021$1,808.30-4.88%View
Oct 22, 2020$1,901.00View
Each row is the verified XAU/USD spot close for Oct 22 of that year. Click any row to open the full daily archive (with country tables for Oct 22, 2020+).