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On this day — November 27, 2023
Monday — typically a high-volume trading day as markets digest weekend news. Asian gold imports often see Monday surges in major demand countries.
Day 331 of 365 · Q4 2023 · 90.7% 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.