Gold Posts Worst October Since 2008; Traders Weigh Further Losses This Week

Gold closed at $3,875 an ounce Friday after its worst October since 2008, falling 3.6% in the final session. Saxo Bank’s Ole Hansen said selling could deepen if holders capitulate, according to BeInCrypto, after gold broke support near $3,970 and closed below $3,886, its October 2025 low. Investors added about 150 tonnes to gold ETFs since July, much of it now below cost, while hedge funds cut bullish bets for nine straight weeks. Economist Robin Brooks sees limited downside but said oil-driven inflation and rate-hike concerns weigh on gold. U.S. midterm elections Tuesday and the October jobs report Friday are next catalysts; a move above $4,000 would ease short-term pressure, Hansen said.