Gold posts worst October since 2008, breaks key support as selling pressure intensifies

Gold fell 3.6% on Friday to $3,875 an ounce, marking its worst October since the 2008 financial crisis and breaking below the $3,970 support level. Hedge funds have cut bullish gold positions for nine consecutive weeks, and speculators have sharply reduced silver bets. Rising oil prices and concerns over potential U.S. strikes on Iran have added inflationary pressure, while higher U.S. interest rates make gold less attractive. The midterm elections and the October jobs report due later this week are key events that could determine the metal's short-term trajectory.