By Barani Krishnan

Investing.com – In a sign that its worst may be over — for now that is — gold made a modest gain as trading for October began, joining most risk assets trying to recover from September’s hellish ride.

The and also helped to gold saw a retreat for the second consecutive week, despite their small gains.

U.S. gold futures’ most active contract, , settled Friday’s trade at $1,758.40 per ounce on New York’s Comex, up $1.40, or 0.1%.

For the week, it managed a 0.4% gain despite Thursday’s 2% trouncing that contributed to September’s torrid loss of 3.4%.

“We may be seeing gold enjoy some safe-haven flows as the outlook becomes increasingly more uncertain,” said Craig Erlam, analyst at online trading platform OANDA.

“It will be interesting to see if it can maintain these gains if risk aversion continues in the coming weeks. There are many obstacles that could limit the upside, making any climb very difficult. The first of these is $1,760, where it ran into resistance yesterday, followed by $1,780.”