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On this day — November 20, 2024
Wednesday — a normal trading day. FOMC announcements (when scheduled) typically come on Wednesdays at 2 PM ET, often producing intraday gold volatility.
Day 325 of 366 · Q4 2024 · 88.8% 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 20 across the years — 2020 → 2023
| Year | Nov 20 close | vs prior | |
|---|---|---|---|
| Nov 20, 2023 | $1,968.70 | +12.30% | View |
| Nov 20, 2022 | $1,753.07 | -6.54% | View |
| Nov 20, 2020 | $1,875.70 | — | View |