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On this day — November 20, 2025
Thursday — a normal trading day. Weekly US initial jobless claims publish at 8:30 AM ET on Thursdays, occasionally producing intraday gold movement.
Day 324 of 365 · Q4 2025 · 88.8% through the year
November 2025 gold market: Institutions broaden the bull market
BullishBroadening 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
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 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 |