WASHINGTON (Sputnik) – Gold appears headed for a third straight month of gains in October despite volatility preventing the precious metal’s prices from having a firm grounding in $4,000 territory.
With just a day left until October’s final session, the spot price of gold, which reflects trades in gold bullion, hovered around $3,980 an ounce,. For the month, spot gold showed a gain of 3.3% after September’s 12% and August’s near 5%.
US gold futures for December delivery on New York’s Comex was just above $3,990 an ounce — flat on the day but demonstrating similar monthly gains for the August to October stretch.
Gold began October on a bullish note, breaking past $4,000 within the first week that culminated in a record $4,381 for the spot price and $4,398 for the futures contract.
But the rally faded amid events that reduced demand for safe-havens — including the signing of the Gaza peace deal, and talks between the Trump administration and its counterparts in Beijing that smoothed out troubled relations culminating in Thursday’s US-China summit.
