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On this day — November 1, 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 305 of 365 · Q4 2023 · 83.6% through the year
November 2023 gold market: Rate-cut hopes power a year-end run
BullishFalling yields and 2024 rate-cut bets fuelled a strong run.
Gold held firm near $2,000 in November and pushed higher as falling Treasury yields, a softer dollar, and growing conviction that the Fed was done hiking revived rate-cut expectations for 2024. Cooling inflation data sealed the dovish shift.
What drove gold in November 2023
- falling Treasury yields
- softer US dollar
- cooling inflation data
- building 2024 rate-cut expectations
Key events in November 2023
- Nov 14Cooler US CPI cements peak-Fed bets; gold strengthens
What happened next
Momentum carried gold to a record intraday high in early December.
For gold buyers
November confirmed the trend turn — with the Fed seen as done, gold's path of least resistance was higher.