The euro gold price has risen by 19.5 percent within the past 12 months. How will gold do this month? Statistically, October is one of the weaker months of the year.
Gold price development
On the last trading day in September, the gold price in London was quoted at USD 1,886.90. This corresponded to 1,613.20 euros. The euro-gold exchange rate has thus lost 2 percent compared to the previous month. Exactly one year ago, the gold ounce cost 1,349 euros. Within 12 months, the precious metal rose in price by 19.5 percent. How will October go for gold? We take a look at our gold price statistics.
Gold in October
Over the past 50 years, the month ended with an average minus of 0.17 percent. This makes October the statistically third weakest gold month of the year behind June and March. The price of gold has been lower at the end of the month 26 times out of 50 since 1970 – in 52 percent of cases. Last year, the price loss was 0.4 percent.
The year before that, with a plus of 4.69 percent, the biggest October profit since 1993, when Italy presented a controversial budget draft that brought back memories of the peak of the euro crisis. In addition, there were already signs of a cooling of the world economy and the trade war between the USA and China took its course. And: Gold was generally considered “oversold” at that time.