Gold futures experienced a notable increase on Tuesday, the final trading day of October, driven primarily by heightened safe-haven buying. Concerns regarding global economic stability and geopolitical tensions prompted investors to seek refuge in the perceived security of precious metals, particularly gold. This surge in demand contributed to a positive close for the metal, marking a strong finish to the month.

Analysts noted that the heightened uncertainty surrounding economic forecasts played a significant role in the day’s trading activity. Gold is often viewed as a hedge against inflation and currency depreciation, making it an attractive option during periods of economic volatility.

In addition to economic concerns, ongoing geopolitical tensions also contributed to gold’s appeal. As a traditional safe-haven asset, gold tends to attract investment during times of international conflict and instability.