Gold prices dip as markets focus on quadruple witching

Gold prices are experiencing a decline after hitting an all-time high earlier this week. As of Friday, gold is trading around $3,030, down from a peak of $3,057. This marks the second consecutive day of losses, though the weekly outlook remains positive. The decline in gold prices comes during Quadruple Witching, a significant event in financial markets when multiple futures and options contracts expire. During this time, traders are cautious as they decide their next steps. There are ongoing concerns about geopolitical tensions, particularly in Gaza and Turkey. This year, gold has seen substantial increases, climbing 16% as investors look for safe-haven assets amid international conflicts. Analysts from major banks have raised their price forecasts for gold, with some predicting it could reach $3,500 per ounce. In related news, Indonesian mining stocks fell significantly on Friday. The Indonesian government plans to increase royalties for mining companies, which affected stock prices for firms like PT Vale Indonesia. For traders, Quadruple Witching presents an opportunity to take profits. Market activity is expected to be robust, although participants are less likely to sell off contracts as they expire. Currently, critical price levels are being monitored, with resistance levels above $3,050 and support situated around $3,027.