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On this day — October 23, 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.
Wednesday — a normal trading day. FOMC announcements (when scheduled) typically come on Wednesdays at 2 PM ET, often producing intraday gold volatility.
Day 297 of 366 · Q4 2024 · 81.1% 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 23 across the years — 2021 → 2023
| Year | Oct 23 close | vs prior | |
|---|---|---|---|
| Oct 23, 2023 | $1,973.00 | +9.11% | View |
| Oct 23, 2021 | $1,808.30 | — | View |