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On this day — November 9, 2025

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 313 of 365 · Q4 2025 · 85.8% through the year

November 2025 gold market: Institutions broaden the bull market

Bullish

Broadening institutional participation strengthened the trend.

Gold kept rising in November as institutional investors joined more aggressively. The market broadened from largely retail- and central-bank-driven demand to include hedge funds, asset managers, and pension allocations — wider participation that strengthened and stabilised the bull market.

What drove gold in November 2025

  • hedge-fund and asset-manager buying
  • pension-fund allocations
  • momentum and FOMO
  • continued central-bank demand
Themes#institutional demand#broadening participation#investment demand

What happened next

With nearly every bullish factor present at once, gold finished the year near record highs.

For gold buyers

November showed the rally maturing — when pensions and asset managers allocate, a bull market gains a deeper, steadier foundation.

Nov 9 across the years — 20202023

+4.8% over 3 years
20202023
YearNov 9 closevs prior
Nov 9, 2023$1,957.45+7.12%View
Nov 9, 2021$1,827.30-2.14%View
Nov 9, 2020$1,867.30View
Each row is the verified XAU/USD spot close for Nov 9 of that year. Click any row to open the full daily archive (with country tables for Nov 9, 2020+).