Add as a preferred source on GoogleGold Posts Worst October Performance Since 2008 as Tech Selloff Sparks Liquidity Shock
Spot gold fell about 6.7% for the month after dropping 3.6% on Oct. 30, then rebounded Monday as oil prices declined.
Spot gold fell about 6.7% in October, its worst October performance since 2008, as technology-stock losses forced selling in the metal and added a one-time liquidity shock to inflation and rate concerns.
Gold fell about 17% in October 2008. This year, it dropped 3.6% on Friday, Oct. 30, reaching a one-year low, then rebounded Monday, Nov. 2.
Higher oil prices fueled inflation concerns and expectations of further interest-rate increases, weighing on gold. Falling technology stocks also led investors to sell the metal, creating a one-time liquidity shock.
Oil prices declined Monday, easing some inflation and rate pressure. That may have contributed to gold’s rebound.
Enna Lee
ReporterEnna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to info@tokenpost.com.