Gold ended its worst October since the 2008 financial crisis at $3,875 an ounce on Friday, with the final session of the month alone cutting 3.6% from the price.

The damage was concentrated in the last hours of trading. The metal first gave way at a floor near $3,970, then settled below $3,886, the low it had set in October 2025 — a level traders commonly monitor as a support marker, meaning a price zone where declines had previously stalled. A month-end close beneath it signals that the level failed to hold.

Saxo Bank cautioned that gold's slide may deepen following the break of $3,886. The warning came from Ole Hansen, head of commodity strategy at the Copenhagen-headquartered investment bank.

Gold's previous worst October came in 2008, when the metal sold off sharply alongside other assets during the global financial crisis as investors liquidated holdings to raise cash — a reminder that even conventionally defensive assets can be swept into selling when investors prioritize raising cash. The metal is conventionally quoted in U.S. dollars per troy ounce, a unit of approximately 31.1 grams.

This article was first published on COINOTAG: https://en.coinotag.com/gold-worst-october-since-2008-saxo-bank-slide-warning