Gold Prices

Gold prices averaged USD 4,055 per troy ounce in October, up 10.6% from September. On 31 October, the commodity traded at USD 3,979 per troy ounce, up 3.8% from 30 September.

Average gold prices rallied to record highs in the first half of October, driven by strong central bank and safe-haven demand fueled by China–U.S. trade tensions, expectations of further rate cuts by the Fed and debasement trade—investors flocking to assets such as gold to hedge exposure to fiat currency volatility. In the latter part of the month, prices inched down on the China-U.S. trade truce, reduced expectations of the Fed easing in December, and a market correction following an overheated rally.