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On this day — November 28, 2025

Friday — typically a higher-volatility close to the week. US monthly non-farm payrolls publish on the first Friday of each month at 8:30 AM ET, the single most-watched economic data release for gold.

Day 332 of 365 · Q4 2025 · 91.0% 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 28 across the years — 20202022

-1.8% over 2 years
20202022
YearNov 28 closevs prior
Nov 28, 2022$1,746.60-2.94%View
Nov 28, 2021$1,799.50+1.13%View
Nov 28, 2020$1,779.30View
Each row is the verified XAU/USD spot close for Nov 28 of that year. Click any row to open the full daily archive (with country tables for Nov 28, 2020+).