Gold Prices Posted Record Month-End Finish in October

SEATTLE (Scrap Monster): The World Gold Council (WGC) in its latest published Gold Market Commentary stated that gold prices finished the month of October on a high. The yellow metal gained 6.8% during the month to end the month at $1,997 per ounce, reversing the slump witnessed during the initial days of the month.

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The prices of the commodity started the month on a slow pace. However, the geopolitical tensions in the Middle East region triggered a rally in prices, taking the prices back to $2,000 per oz by 27^th October, 2023. The prices reported record-high monthly finish, the report noted. The gold prices closed on a month-end high in all major currencies except the Swiss franc.

On the other hand, the global gold ETFs reported yet another month of outflows. The flows troughed with a small upward trend reversal witnessed towards the end of the month. North America accounted for almost two-thirds of the flows, while the remaining one-thirds were from Europe.

A sustained turnaround for investment will happen only in the event of volatile or worse geopolitical environment. The central bank buying activity will also serve as a strong contributor for strong price movement in gold, WGC noted.