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On this day — October 25, 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.
Wednesday — a normal trading day. FOMC announcements (when scheduled) typically come on Wednesdays at 2 PM ET, often producing intraday gold volatility.
Day 298 of 365 · Q4 2023 · 81.6% 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 25 across the years — 2020 → 2021
| Year | Oct 25 close | vs prior | |
|---|---|---|---|
| Oct 25, 2021 | $1,805.30 | -5.41% | View |
| Oct 25, 2020 | $1,908.59 | — | View |