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On this day — October 27, 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.
Sunday — the international gold market is closed. Spot quotes carry forward from the prior Friday close. Retail rates in jewellery markets may differ slightly based on local Sunday hours.
Day 301 of 366 · Q4 2024 · 82.2% 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 27 across the years — 2020 → 2023
| Year | Oct 27 close | vs prior | |
|---|---|---|---|
| Oct 27, 2023 | $1,982.90 | +19.47% | View |
| Oct 27, 2022 | $1,659.80 | -7.55% | View |
| Oct 27, 2021 | $1,795.30 | -5.79% | View |
| Oct 27, 2020 | $1,905.70 | — | View |