Gold prices started the month on the backfoot, having fallen below US$1,850/oz at the end of September. The events in Israel in on 7 October set a rally in motion that took the US dollar price back up above US$2,000/oz by 27 October. The record-high monthly finish was mirrored in almost all other major currencies.

Outflows from physically-backed gold ETFs totalled US$2bn in October, the fifth consecutive monthly loss. Collective holdings reduced by 37t to 3,245t. but total AUM increased by 6% to US$209bn thanks to a 7% rise in the gold price during the month.

Gold has a key role as a strategic long term investment and as a mainstay allocation in a well-diversified portfolio. Investors have been able to recognise much of gold’s value over time by maintaining a long-term allocation and taking advantage of its safe-haven status during periods of economic uncertainty.