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

Gold posted its worst October since 2008, ending the month at $3,875 per ounce, with Saxo Bank warning the selloff may not be over. The decline marks a sharp reversal for the metal, which had been one of the strongest-performing assets of the year. Saxo Bank analysts suggest the pullback could extend further, pointing to unresolved pressures on the precious metal heading into the new trading week. The analysis highlights that the metal's near-term direction hinges on key macro drivers, including central bank policy expectations and broader risk sentiment. Traders are watching whether gold can stabilize above recent lows or whether momentum selling drags prices toward fresh support levels. A decisive break lower this week would signal a deeper correction in what has been a historically volatile stretch for bullion.