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Gold moves away from the $3,050 mark and heads to $3,030 in the European trading session on Friday.  Traders are cautious as geopolitical turmoil and trade war fears still present. Gold expected to remain supported above $3,000 and keep a new all-time high in reach.  Gold’s price (XAU/USD) is dipping lower and sees its second day of profit-taking while the weekly performance is still positive. The precious metal trades around $3,030 at the time of writing on Friday after reaching a fresh all-time high at $3,057 the previous day. This downside move should not come as a surprise with Quadruple Witching taking place. Quadruple Witching is an event in financial markets when four different sets of futures and options expire on the same day, and investors need to decide whether to sell and buy back their positions or just sell them. Meanwhile, on the geopolitical front, tensions remain in Gaza and Turkey. Later during the day,  markets will brace for comments on tariffs from United States (US) President Donald Trump, as announced reciprocal tariffs will come into effect on April 2 and might shake up markets.  Daily digest market movers: Pension funds delight Gold has climbed 16% this year in a rally that has produced 15 all-time highs in 2025, extending last year’s strong gains as investors seek safety. Geopolitical conflicts in the Middle East and Ukraine have bolstered the precious metal’s appeal. Several major banks have raised their price targets for bullion in recent weeks, with Macquarie Group forecasting it could rise as high as $3,500 an ounce, Bloomberg reports.  An example of how not only traders enjoy the Gold’s rally comes with numbers from the Ontario Teachers’ Pension Plan. The pension fund gained 9.4% last year, driven by strong returns in stocks, venture growth and commodities. The performance…

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Filed under: News - @ March 21, 2025 10:19 am