Gold Prices Take a Dive

Following a record-breaking high, gold prices saw a notable decline on Friday. This shift occurred amidst the quadruple witching event, a period known for causing significant market movements.

Understanding Quadruple Witching

Quadruple witching is a unique event happening four times annually, where futures and options contracts expire simultaneously. This phenomenon often leads traders to make pivotal decisions regarding their positions, influencing market dynamics significantly.

Market Movements

At 9:50 am ET, gold witnessed a 1.18% decrease, trading at $3,009.20 per ounce. Similarly, silver prices fell by 2% to $32.91 per ounce. Platinum wasn't spared, experiencing a 0.95% drop to $980.15 per ounce, whereas palladium saw a slight increase of 0.10%, reaching $938.48 per ounce.