Gold prices backed off on Friday, falling from their all-time highs during the turmoil of Quadruple Witching — a market phenomenon that involves the concurrent expiry of different futures and options contracts. Having earlier reached a new all-time high of $3,057, gold fell back to a level of about $3,030 in the European session, as investors practiced profit-taking. Even after the pullback, the yellow metal is still well-supported above the crucial $3,000 level, and geopolitical tensions as well as uncertainty in the global economy continue to support its allure. Analysts are still hopeful, with expectations that gold can rally further to the $3,500 level in the months ahead.

KEY LOOKOUTS       

• Gold is still firmly supported above the psychological $3,000 level despite the recent fall, which keeps the bull run alive.

• Near-term resistance is at $3,042, followed by the new all-time high of $3,057. A breakout higher would set the stage for $3,074 and higher.

• Ongoing violence in Gaza and Ukraine, and pending U.S. tariff releases, can continue to fuel safe-haven demand for gold.

• Expiration of several futures and options contracts can produce near-term volatility, but also present strategic buying opportunities for investors.

Gold’s recent fall to about $3,030 is in the midst of increased market volatility fueled by Quadruple Witching, providing a chance for profit-taking among traders. The overall outlook, however, remains positive as the precious metal continues to trade above the important $3,000 support level. Important resistance levels at $3,042 and the recent all-time high of $3,057 will be closely monitored, with additional upside potential towards $3,074 if the momentum picks up. At the same time, geopolitical tensions and imminent trade tariffs remain supporting gold’s safe-haven demand, maintaining investor appetite strong and a possible rally to $3,500 in the cards.

Gold remains firm above the critical $3,000 mark even as it fell back after Quadruple Witching profit-taking. Geopolitical tensions and fears of a trade war keep bullish momentum intact, with the $3,500 target within reach.

• Gold experiences a small pullback after setting a new all-time high, largely because of Quadruple Witching profit-taking.

• The precious metal continues to be well-supported above the psychological $3,000 mark, reflecting sustained bullishness.

• Middle Eastern and Ukrainian geopolitical tensions continue to fuel safe-haven demand for gold.

• Trade war worries and future U.S. tariffs are other drivers of investor interest in gold.

• Gold has produced solid gains in 2025, including 15 record highs so far this year and a 16% gain.

• Institutional funds and pension plans are increasingly relying on gold as a safe bet.

• Forecasts see additional gains, with some predicting that gold may rise to $3,500 amidst continuing global uncertainty.

Gold remains a favored safe-haven asset, propelled by persistent geopolitical tensions and economic uncertainty worldwide. Investors are looking more and more to the precious metal in light of Middle East and Ukrainian conflicts, as well as fears of possible trade interruptions. The quest for stability during uncertain times has driven a robust rally this year, underscoring gold’s position as a safe store of value.

XAU/USD Daily Price Chart

Chart Source: TradingView

To add to its popularity, institutional buying is also increasing interest in gold. Pension funds and big investment institutions have reported solid returns from their commodity exposure, including gold. For example, the Ontario Teachers’ Pension Plan recently recorded hefty gains, thanks in part to its commodity investments in gold. With analysts predicting even more elevated price targets, gold remains a magnet for individual and institutional investors looking for long-term safety.

TECHNICAL ANALYSIS

Gold’s recent action displays a healthy period of consolidation following its robust run-up. Despite the prices trimming some of the gains, overall structure remains positive with support holding strong and registering ongoing buying pressure. The market is experiencing customary profit-taking as the market normally experiences during periods like Quadruple Witching but significant resistance points are still reachable. As long as gold remains in a position above critical levels of support, the upward trend is going to keep on going, and the trader will have opportunities to get in on dips and participate in the general trend.

FORECAST

Gold will continue on its bullish path in the medium to long term due to ongoing geopolitical tensions, economic uncertainty, and growing institutional investor demand. With the analysts setting targets as high as $3,500, the metal continues to draw safe-haven flows. If global tensions escalate or economic worries deepen, gold may witness fresh buying traction, driving prices above recent all-time highs. Central bank buying and inflation pressures could also serve as added tailwinds to the metal’s rally.

While there is a robust overall prognosis, gold is not exempt from downside risks. Short-term adjustments could happen as a result of profit-taking, volatility in the markets, or change in investor mood during significant financial events such as Quadruple Witching. An appreciating U.S. dollar, increasing bond yields, or relaxation in geopolitical tensions could short-term pressure prices. If gold falls below important support levels, it can induce a more serious correction, inducing caution among market participants. But such pullbacks will be considered as buying opportunities unless there is a significant change in broader market fundamentals.