Gold rose Monday after its steepest October loss since 2008, while falling oil prices may have helped bullion recover by easing inflation and interest-rate concerns.
Spot gold lost nearly 7% in October, its weakest performance for that month since 2008. Bullion hit a 12-month low on Oct. 30 after falling 3.6%, then rose Monday, Nov. 2.
Technology-stock losses prompted gold sales, adding a one-time liquidity shock. Earlier oil gains fueled inflation concerns, while expectations of more interest-rate increases also weighed on bullion.
The metal’s loss in October 2008 was about 17%. The latest weakness formed part of a wider retreat in precious metals. Anadolu reported that four precious metals fell for a second straight month, as detailed in our earlier precious metals coverage.
