Gold Drops Below $3,900 After A Historic October

Gold closed October around 3875 dollars an ounce after its worst October since the 2008 financial crisis. This drop does not necessarily mean that the metal has lost its safe-haven status: it mainly shows that long-term protection can sharply decline when investors seek immediate liquidity. Gold lost nearly 6.9% in October , after a 6.6% drop in September. Futures started the month around 4190 dollars, reached a high near 4259 dollars on October 2, then ended below 3900 dollars. More than 80% of the monthly decline occurred during the last eight sessions.

Source: Cointribune