Spot gold logged its weakest October performance since 2008, according to data cited by Odaily from Gate. The report said gold fell about 17% in October 2008, while this October’s decline has reached roughly 6.7%, leaving it well below the range that has typically defined most October moves in past years, between -3% and +7%. On Friday alone, gold dropped 3.6% in a single session and hit a one-year low. Odaily said the latest decline has been driven by two main forces. The first was a fundamentals-based drag, as oil prices fueled inflation concerns and strengthened market pricing for further rate hikes. The second came from a sell-off in technology stocks, which forced investors to sell gold as well, a move the report described as more consistent with a one-off liquidity shock. After oil prices fell sharply on Monday following news related to U.S.-Iran talks, that first source of pressure eased, which may have been part of the reason gold rebounded on Monday.
Spot gold recorded its worst October performance since 2008, according to Gate data cited by Odaily.
The report said gold fell about 17% in October 2008. This October, the decline has reached about 6.7%, a much weaker showing than the range seen in most other years, when October moves were generally between -3% and +7%.
On Friday, gold dropped 3.6% in a single day, marking a one-year low.
Odaily said the latest slide was driven by two main factors. One was a fundamentals-based drag: oil prices stirred inflation concerns and reinforced market pricing for rate hikes. The other was a sell-off in technology stocks that forced investors to sell gold, which the report said was often a one-off liquidity shock.
With oil prices falling sharply on Monday after news about U.S.-Iran talks, the first source of fundamental pressure had eased. That may have been part of the reason gold rebounded on Monday.
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