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On this day — December 1, 2023
Friday — typically a higher-volatility close to the week. US monthly non-farm payrolls publish on the first Friday of each month at 8:30 AM ET, the single most-watched economic data release for gold.
Day 335 of 365 · Q4 2023 · 91.8% through the year
December 2023 gold market: Brief record high caps a strong year
BullishA record intraday high capped a 13% year.
Gold spiked to a record intraday high around $2,150 in early December before settling back to close 2023 near $2,060 — up roughly 13% on the year. Mounting expectations of 2024 Fed rate cuts and record central-bank buying underpinned the strength.
What drove gold in December 2023
- 2024 rate-cut expectations building
- record central-bank gold demand
- softening dollar and yields
- momentum into year-end
Key events in December 2023
- Dec 4Gold prints a record intraday high near $2,150
What happened next
The record attempt set the stage for 2024's decisive breakout above the old ceiling.
For gold buyers
2023 closed up about 13% with a record intraday high — the springboard for 2024's historic breakout.
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