Stock market today: Dow fell 375 points, major US indices ended October in the red

Gold rose month after month, said Peter Spina, president and founder of GoldSeek.com. The question of whether today’s price pullback is a “minor dent in this huge rally” set to unfold in the coming days or a “deeper, multi-week consolidation” is difficult to answer, he said. “A lot is up in the air.”

However, the focus now is on the political uncertainty that comes next week. US presidential elections potentially creating some volatility, Spina said. Overall, it was a “net positive for gold” as concerns about this uncertain outcome lead to some buying into safe havens.

On Thursday, gold for December delivery fell $51.50, or 1.8%, to settle at $2,749.30 an ounce on the Comex. Based on the most active contract, it marked the biggest daily percentage decline since late July, according to Dow Jones Market Data. Gold futures ended the month up 3.4%.