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On this day — November 12, 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 317 of 366 · Q4 2024 · 86.6% through the year
November 2024 gold market: Trump win triggers a dollar-led pullback
BearishA dollar-led pullback from records after the US election.
Gold pulled back from its records in November after Donald Trump's US election victory sent the dollar and Treasury yields sharply higher, prompting profit-taking from about $2,720 down toward $2,560 before stabilising.
What drove gold in November 2024
- Trump election win (Nov 5)
- surging dollar and yields
- profit-taking after record run
- fading election-hedge demand
Key events in November 2024
- Nov 5Trump wins US election; dollar jumps, gold corrects
What happened next
Gold stabilised and consolidated near $2,620 into year-end.
For gold buyers
November's pullback was the year's clearest dip-buying opportunity, driven by a dollar spike rather than any change in gold's structural drivers.
Related months to read
Nov 12 across the years — 2022 → 2023
| Year | Nov 12 close | vs prior | |
|---|---|---|---|
| Nov 12, 2023 | $1,949.21 | +10.79% | View |
| Nov 12, 2022 | $1,759.40 | — | View |