Gold prices fall over 6%

Gold prices fell by more than 6% in October, marking the worst performance for this month since 2008, Report informs citing Bloomberg.

Gold slightly recovered following Friday's plunge. December gold futures on the Comex exchange rose by 0.4% to $3,914.50 per ounce.

Silver increased in price by 2% to $50.28 per ounce, while platinum fell by 0.2% to $1,433.70 per ounce.

On Friday, quotes plummeted by 3.5% to one-year lows amid a sell-off in US tech stocks and a decline in demand for risk assets following reports of new diplomatic efforts to resolve the Middle East conflict.

Furthermore, gold was pressured by expectations that the US Federal Reserve (Fed) will raise its key interest rate at the December meeting. Market participants estimate this probability at about 75%, according to CME FedWatch. Higher interest rates reduce the comparative investment appeal of non-yielding assets like gold.