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On this day — October 22, 2024
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.
Tuesday — a normal trading day. Tuesday is also when the CFTC publishes Commitments of Traders data for the prior week, often producing intraday movement.
Day 296 of 366 · Q4 2024 · 80.9% through the year
October 2024 gold market: Records above $2,700 into the US election
BullishA near-vertical run to records above $2,700.
Gold climbed to new records above $2,700 in October on a mix of US election uncertainty, Middle East conflict, easing expectations, and unrelenting central-bank demand. It was one of gold's strongest stretches of an already historic year.
What drove gold in October 2024
- US election uncertainty
- Middle East conflict
- ongoing Fed easing expectations
- record-pace central-bank buying
Key events in October 2024
- Oct 30Gold sets records above $2,700/oz
What happened next
The run paused sharply after the November US election result lifted the dollar.
For gold buyers
October's surge to $2,700 capped a near-vertical run; prudent buyers began watching for the inevitable consolidation.
Oct 22 across the years — 2020 → 2023
| Year | Oct 22 close | vs prior | |
|---|---|---|---|
| Oct 22, 2023 | $1,982.88 | +20.66% | View |
| Oct 22, 2022 | $1,643.30 | -9.12% | View |
| Oct 22, 2021 | $1,808.30 | -4.88% | View |
| Oct 22, 2020 | $1,901.00 | — | View |