This is how the gold price develops in November!

Gold price with a small discount

On the last trading day of last October, the gold price was quoted at 1,510.95 US dollars (London exchange rate P.M.), equivalent to 1,356.53 euros. The euro gold price thus fell by 0.4 percent compared to the previous month. On the same day last year, gold was quoted at 1,073 euros. Within 12 months the price of the precious metal thus jumped by 26 percent. How will the gold price develop this month? Let’s take another look at the monthly statistics since 1970.

 

Third best gold month

For seasonal reasons, November is one of the strongest gold months of the year. Over the past 49 years, an average book gain of 1.21 percent has been recorded. That is enough behind January and May at least to place three in the ranking. November ended 29 times in 49 years with a plus (ratio: 59 percent). In the past year there was a “zero number”, curiously both in the previous month and in the previous year comparison. Before it there were three years in consequence strong losses.

 

Gold statistics since 1970

There were massive price rises in the November months in the period from 2008 to 2011, i.e. in the environment of the global financial crisis and the sovereign debt crisis in Europe.

 

Best November performance since 1970 (Top 5)

2008: +11,48 %

2009: +11,03 %

1973: +10,40 %

2010: +9,87 %

1983: +8,74 %

 

Worst November performance since 1970 (Top 5)

1978: -11,83 %

1986: -7,15 %

1981: -5,35 %

2013: -5,25 %

2016: -4,36 %

 

Note: All data refer to the end of month gold price in Euro based on the Gold Price Fixing London P.M. /LBMA rate. The data sets before the introduction of the euro (2001) were calculated on the basis of the DM rates (1 euro = 1.955 D-Mark) and the London fixing rates.