Gold (XAU/USD) is facing a second day of losses while its weekly performance is still positive. The precious metal is trading around $3,030 at the time of writing on Friday (3/21) after hitting a new all-time high of $3,057 the previous day. The move down should not come as a surprise given the Quadruple Witching event. Quadruple Witching is an event in the financial markets when four different sets of futures and options contracts expire on the same day, and investors must decide whether to sell and buy back their positions or simply sell them.

Meanwhile, on the geopolitical front, tensions remain over Gaza and Turkey. Later in the day, markets will brace for comments on tariffs from US President Donald Trump, as the reciprocal tariffs announced are set to take effect on April 2 and could shake markets.

Daily Market Movers Summary: Mining Business

Gold has gained 16% this year in a rally that has produced 15 all-time highs by 2025, extending last year's strong run as investors seek safety. Geopolitical conflicts in the Middle East and Ukraine have boosted the precious metal's appeal. Several major banks have raised their price targets for bullion in recent weeks, with Macquarie Group estimating it could rise as high as $3,500 an ounce, Bloomberg reported.

An example of how it's not just traders who are enjoying the gold rally comes from figures from the Ontario Teachers' Pension Plan. The pension fund gained 9.4% last year, driven by strong returns in stocks, growth businesses and commodities. The performance boosted the fund's net assets to $185.2 billion by the end of 2024, according to a statement on Thursday, Bloomberg reported. Indonesian mining stocks plunged on Friday after the government signaled it would press ahead with plans to raise royalties paid by producers in a bid to strengthen public finances, Reuters reported. A local industry index for miners, including PT Vale Indonesia and PT Merdeka Copper Gold, fell as much as 3.2%, the biggest drop since the plan was first proposed early last week. (Newsmaker23)

Source: FXstreet