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On this day — November 25, 2023
Saturday — the international gold market is closed. Most retail jewellery markets, especially in Asia and the Middle East, see peak Saturday foot-traffic and physical trade activity.
Day 329 of 365 · Q4 2023 · 90.1% 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.
Nov 25 across the years — 2021 → 2022
| Year | Nov 25 close | vs prior | |
|---|---|---|---|
| Nov 25, 2022 | $1,751.90 | -2.03% | View |
| Nov 25, 2021 | $1,788.20 | — | View |