Gold Had Its Worst October Since 2008: Will It Crash Further This Week? - Yahoo Finance

AI desk brief

Gold ended October at $3,875/oz after its worst October since 2008, including a 3.6% fall in the final session. Saxo’s Ole Hansen said chart-driven sellers remain in control after gold broke support near $3,970 and closed below $3,886, while hedge funds have cut bullish gold bets for nine straight weeks; recent ETF buyers are also vulnerable, with roughly 150 tonnes added to gold ETFs since July now trading below cost, according to Saxo.

The piece argues that the selloff may not be over, but near-term downside could be limited if the move turns into broader risk-off stress. Robin Brooks noted a 10% rise in Brent since the Iran war began has coincided with a 4% drop in gold, as higher oil can stoke inflation and keep US rate hikes alive; Hansen said a deeper stock crash could ultimately force the Fed to abandon two expected hikes, which would turn supportive for bullion. Silver positioning has also thinned sharply, with bullish silver bets down to 3,321 contracts from 42,756 in July 2025.