India currency news came about the same time and surprised every one in India.
But Gold skyrocketed in India all the way to USD 2800/oz.
Look at the chart on the link.

Hopefully it is temp situation.
————————————————————————————-

The Real Reason The Rally In Gold After Trump Election Got Quashed Sending Gold Into A Tailspin

How Modi (Indian PM) Killed The Rally

India is often the biggest source of demand for physical gold. Indian Prime Minister Modi has directed that 500 and 1000 rupee notes be banned.

This is a huge deal. These notes represent 20% of cash value in circulation and 80% of cash outstanding.

Indian economy has long suffered from black money. Only 49 million out of 473 million working Indians pay taxes. A common method to convert black money into white money has been to slowly buy gold by paying cash using large bills. As large bills become worthless, this important source of demand for physical gold will disappear.

This is the real reason that gold reversed after rallying to $1339 on Trump election and subsequently fell to about $1250.

http://www.kitco.com/commentaries/2016-11-11/The-Real-Reason-The-Rally-In-Gold-After-Trump-Election-Got-Quashed-Sending-Gold-Into-A-Tailspin.html