Gold ended its worst October since 2008 at $3,875. Saxo Bank says the selloff may not be over, and the article outlines the factors that will determine what happens next.
Summary written by Upside AI from the original article. Read the source for full details.
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Related tickers and likely impact
XAU/USD
▼ Likely negativeRelevance: high
| Market | Gold |
|---|---|
| Close on 10/30/2026 | 3,875.51 |
| Change that session | -3.63% |
PAXG/USDT
▼ Likely negativePAX Gold
Relevance: medium
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Real-world assets |
| Market cap | $1.7B |
| Close on 10/31/2026 | 3,899.27 |
| Change that session | -0.06% |
XAUT/USDT
▼ Likely negativeTether Gold
Relevance: medium
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Real-world assets |
| Market cap | $3.1B |
| Close on 10/31/2026 | 3,879.71 |
| Change that session | -0.13% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- World Gold Prices Suffer Steepest Drop in a Year
Spot gold fell 3.58% to $3,875.53 per ounce, its lowest level since October 2025, as a wave of tech-stock selling heightened concerns about returns on AI investments. Silver dropped 6.5% to $49 per ounce, breaking below $50 for the first time in 11 months, while palladium lost the $1,000 mark and platinum faced heavy selling. Commerzbank said the tech-stock slump could trigger selling of safe-haven assets such as gold, but still expects precious metals to recover. Gold has fallen about 30% from its record high of $5,595 per ounce in January, weighed down by expectations of interest rates staying high for longer and weaker gold demand in Asia. HSBC forecasts silver's 2027 average at $64 per ounce, down from its $71 forecast for this year.
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The COMEX gold futures table (100 troy oz, dollars per troy oz) shows the Dec 26 contract last at 4,062.70, down 11.90, and the Nov 26 contract at 4,044.50. Every contract in the table declined from the previous session, with the highest price at the Dec 27 contract, last at 4,268.80. The Dec 26 contract's volume on the prior session was 132,510 contracts, while open interest stood at 397,599, down 1,638.
- BC-Gold Futures
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On the morning of Oct. 26, domestic gold prices kept falling with global prices, as SJC gold bars were quoted at 138.7–141.7 million VND per luong (buy–sell), down 300,000 VND from the weekend. World gold was quoted at $3,986 an ounce, down $7 from the previous morning. In Kitco News' weekly survey, 7 of 17 experts expected prices to fall this week, 4 expected a rise, and 6 saw a sideways move or no clear trend. The article says prices may keep falling in the short term, but buying could emerge once gold drops below $4,000 an ounce.
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