Gold fell about 7% in October before a partial early-November recovery

Gold ended October down about 7% in dollar terms. The MetalAPI historical series shows a 7.4% monthly decline, from USD 4,186.70 at September’s close to USD 3,876.73 at October’s close per troy ounce.

By November 6, the same provider’s indicative price had recovered to USD 4,070.93. FinFly calculates that this was about 5% above October’s close but still 2.8% below September’s.

Why percentages do not cancel out

A 7.4% loss requires roughly an 8% gain to recover, because the increase starts from a smaller base. A strong rebound can therefore coexist with a loss measured from before the decline.

The comparison uses one indicative price series. Individual futures contracts and retail bullion prices can differ; fees and bid-ask spreads are excluded.