COMEX Gold Futures Fall 6.87% in October, Biggest Drop Since 2008

COMEX December gold futures fell 6.87% in October, marking the largest monthly October decline since 2008, with the month-end close at $3,898.90 per ounce on October 30, down $287.80 from the September 30 close of $4,186.70. Spot gold traded at $3,875.05 per ounce on October 30, after dropping 3.62% that day and 3.74% for the week, with an intraday low of $3,870.25, according to Kitco News. The "biggest October drop since 2008" characterization is based specifically on COMEX futures month-end closing prices, per XAUUSDGlobal's monthly comparison methodology, rather than spot prices or intraday lows. The sharp reversal follows gold's run to record highs above $4,300 earlier in the month, and the pullback matters for traders and central banks that piled into bullion during the rally. Watch whether gold stabilizes near the $3,870-$3,900 level or extends losses as positioning unwinds further.