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

Gold ended its worst October since the 2008 financial crisis at $3,875 an ounce on Friday. It fell 3.6% in the final session alone. When trading resumes, recent buyers are most exposed. Investors added about 150 tonnes to gold exchange-traded funds (ETFs) since July. Much of it now trades below cost, Saxo Bank said. Why Saxo Bank Says the Gold Selloff May Not Be Over Ole Hansen, Saxo’s head of commodity strategy, wrote that chart-driven sellers are in charge. Gold broke a floor near $3,970, then closed below $3,886, its October 2025 low. Hedge funds have cut bullish gold bets for nine straight weeks, Hansen said. If more holders give up, he warned, the slide could run deeper and longer. The stock market adds pressure.

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