- During Friday’s European trading session, gold fell below $3,050 and even briefly crossed over $3,030.
- Given the ongoing global unrest and concerns about a trade war, traders continue to exercise caution.
- Gold is anticipated to maintain support over $3,000 and hold off on setting a new record high.
The price of gold (XAU/USD) is down for a second day, although the weekly performance is still up. After hitting a new all-time high of $3,057 the day before, the precious metal is currently trading at about $3,030 as of this writing on Friday. This negative action shouldn’t be shocking because Quadruple watching is happening. In the financial markets, quadruple witching occurs when four distinct sets of futures and options expire on the same day, forcing investors to choose between selling their assets entirely or buying them again.
On the geopolitical stage, tensions still exist in Turkey and Gaza. Due to the announcement that reciprocal tariffs will take effect on April 2, markets are anticipating US President Donald Trump’s remarks on tariffs later in the day, which could cause market turbulence.
Market movers for the daily digest: Trump urges mining
As part of a larger initiative to accelerate the development of domestic natural resources and reduce the nation’s dependency on imports, US President Donald Trump is using emergency powers to increase the US’s capacity to manufacture vital minerals, according to Bloomberg.
As investors look for protection, gold has increased 16% this year in a run that has generated 15 all-time highs in 2025, building on last year’s robust gains. The attractiveness of the precious metal has been strengthened by geopolitical tensions in the Middle East and Ukraine. According to Bloomberg, a number of significant institutions have increased their bullion price predictions in recent weeks. The Macquarie Group has predicted that the price may reach $3,500 per ounce.
Statistics from the Ontario Teachers’ Pension Plan show that not just traders are enjoying the gold surge. Last year, the pension fund increased 9.4% thanks to robust returns in commodities, venture capital, and stocks. According to a statement released Thursday by Bloomberg, the performance increased the fund’s net assets to $185.2 billion by the end of 2024.
According to Reuters, Indonesian mining stocks fell on Friday as the government indicated it was moving on with plans to increase producer royalties in an effort to strengthen public finances. The largest decline since the plan was first put forth at the beginning of last week was a 3.2% drop in the local industry index for miners, which includes PT Vale Indonesia and PT Merdeka Copper Gold.
Technical Analysis: Some breathing
This Friday’s quadruple witching presents a window of opportunity for funds and traders to profit from the precious metal. Due to the large trading volumes, market players will be less exposed, and it is unlikely that contracts that are about to expire would be sold. How many Bullion contract holders will have rolled over their contracts at the present high pricing is still up in the air as of this Friday.
The first resistance to recover in terms of technical levels is the intraday pivot point at $3,042, which is followed by the new all-time high of $3,057 that was established on Thursday. The R1 resistance at $3,059, which is slightly below the $3,060 round figure, is the next target. The R2 resistance is $3,074 if the last one is breached.
What are the most important assets to monitor in order to comprehend the dynamics of risk sentiment?
Stock markets usually rise during “risk-on” periods, and most commodities, with the exception of gold, also appreciate in value because of the favorable growth forecast. Because of the increasing demand, the currencies of countries that export a lot of commodities strengthen, and the value of cryptocurrencies increases. Bonds, particularly large government bonds, rise in a “risk-off” market, gold shines, and safe-haven currencies like the US dollar, Swiss franc, and Japanese yen also gain.