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

Gold closed at $3,875 an ounce on Friday, ending its weakest October since 2008 after falling 3.6% in the final session. Recent buyers were exposed because investors had added about 150 tonnes to gold exchange-traded funds since July, and Saxo Bank said much of that holding now traded below its purchase price. Ole Hansen, Saxo’s head of commodity strategy, attributed the pressure to chart-driven selling after gold broke support near $3,970 and closed below $3,886, its October 2025 low. Hedge funds had also reduced bullish gold bets for nine consecutive weeks, he said.