Gold Price Posts Worst October Since 2008, Silver Near $50 as Bitcoin Holds Up

• Gold futures fell 6.87% in their worst October since 2008, before spot gold price recovered toward $3,900 on Monday
• Silver rebounded above $50 after Friday’s decline nearly erased its one-year gains
• Bitcoin price narrowly outperformed gold over the reported week despite $643.2 million in ETF outflows on October 30

Gold and silver found buyers on Monday after a punishing end to October. The gold price had recorded its worst October since 2008, while silver had slipped back toward where it traded a year ago. Amidst this, Bitcoin’s price was under pressure too, following the Binance hack and heavy ETF withdrawals. Yet its weekly losses were slightly smaller than gold’s. Monday’s rebound in metals now puts that narrow advantage to another test.

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Gold Price Rebounds After a Bruising October

COMEX gold futures lost 6.87% in October, closing at $3,898.90 an ounce, according to data. SPDR Gold Shares, the GLD fund featured in a recent monthly-return comparison, fell approximately 6.58%.

Friday’s technology-stock selloff spilled into the metal. Analysts said investors were selling gold to raise cash and meet margin calls. Gold’s traditional defensive role offered little protection from that immediate need for liquidity.

At press time, spot gold had recovered 0.7% to $3,900.14. Falling oil prices eased inflation concerns, although analyst Nikos Tzabouras said that “the bounce may prove short-lived.”

Silver Price Recovers Above $50

Silver fell 6.5% to $49 on October 30, according to the latest data. The retreat had brought it close to its levels a year earlier. It should be noted that silver’s one-year gain has reduced to just 0.21%. Those figures also showed a 19.17% monthly decline.

Monday brought some relief as spot silver rose 2.5% to $50.17. The rebound lifted it above Friday’s lows, but left much of the recent damage intact.

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Bitcoin vs Gold: A Small Lead Despite ETF Withdrawals

A recent comparison published November 2 put Bitcoin’s weekly decline at 2.4%, against 2.7% for spot gold. Bitcoin’s advantage was roughly 0.3 percentage points, with both assets losing value.

This came despite substantial Bitcoin ETF outflows. Farside Investors recorded $643.2 million in net withdrawals on October 30, led by $233.7 million from BlackRock’s IBIT and $201 million from Fidelity’s FBTC.

Friday’s redemptions erased the preceding four sessions’ $440.8 million in inflows, leaving the week with $202.4 million in net withdrawals.

For a hypothetical $1,000 starting position on MarketCapOf’s calculator, the reported weekly returns leave $969 in Bitcoin and $973 in gold, before costs. The gap is real, but small enough that the next few sessions could easily reverse it.

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