EMAS Targets Global Investors

 

EMAS Targets Global Investors with Hong Kong Stock Exchange Listing Plan

PT Merdeka Gold Resources Tbk (EMAS) has officially submitted a share listing application (Form A1) to the The Stock Exchange of Hong Kong Limited on March 20, 2026, marking a strategic move to expand its presence in global capital markets.

The application follows Hong Kong’s listing regulations, with UBS Securities Hong Kong Limited and CITIC Securities (Hong Kong) Limited appointed as joint sponsors for the process.

The company believes that listing on HKEX will enhance access to international investors, improve stock liquidity, and provide greater financial flexibility to support future business expansion. This move is also expected to strengthen EMAS’s global market position, broaden its shareholder base, and elevate corporate governance and reporting standards in line with international best practices.

Currently, EMAS is developing and operating the Pani Gold Mine located in Pohuwato Regency, Gorontalo. The project is targeted to become one of Asia’s two largest primary gold mines by 2030.

The Pani Gold Mine reached its first gold pour milestone in February 2026 and recorded its initial gold sales in March 2026 to PT Aneka Tambang Tbk under a two-year domestic gold sales agreement. This achievement marks the beginning of EMAS’s commercial production phase.

President Director Boyke Poerbaya Abidin stated that the HKEX listing application represents a continuation of the company’s growth strategy following its IPO on the Indonesia Stock Exchange in September 2025 and the commencement of production at Pani earlier this year.

As part of the listing process, a redacted draft application proof has been published on the HKEX website for informational purposes. The document outlines the company’s business overview, operations, financial performance, and risk factors, but it remains a preliminary version and not a final offering document.

The company emphasized that the document does not constitute an offer to sell or a solicitation to buy securities. The listing remains subject to regulatory approval and market conditions, with no guarantee of completion at this stage.

Management advises shareholders and prospective investors to carefully assess potential risks and exercise caution when making investment decisions while awaiting further developments in accordance with applicable regulations.

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Gold Pullback Risk

 

Gold Faces Pullback Risk Amid Oversold Conditions and Gulf War Tensions

Gold prices extended their downward trend on Tuesday morning, slipping below the $4,400 level as geopolitical tensions in the Middle East persist. The ongoing conflict continues despite efforts by Donald Trump to extend an ultimatum for Iran to reopen the Strait of Hormuz within 48 hours.

In the short term, gold has shifted into a bearish bias after breaking below key technical indicators, including the 21-day Simple Moving Average (SMA) near $5,000 and the 50-day SMA around $4,970. This breakdown confirms a loss of previous support levels and signals a transition from a bullish trend into a corrective phase. Prices are now approaching the 100-day SMA near $4,610. Meanwhile, the 14-day Relative Strength Index (RSI) stands at 26, indicating oversold conditions, though the consistent decline from above 50 highlights strong selling pressure rather than a completed downtrend.

Initial resistance is seen near $4,650—formerly a support level—while the 21-day SMA around $5,000 reinforces a broader supply zone during potential rebounds. A daily close above the 50-day SMA at $4,970 is needed to ease immediate downside pressure and reopen the path toward the $5,100 level. On the downside, immediate support lies at the psychological level of $4,300, followed by the rising 200-day SMA near $4,100, which represents a stronger medium-term floor. A decisive break below $4,300 could extend the bearish phase toward the 200-day average and deepen the correction within the long-term uptrend.

Market sentiment remains highly sensitive to geopolitical developments. Trump cited “productive talks” with Iran as a reason for a potential five-day delay in military action. However, Iran’s Foreign Ministry denied any negotiations with the United States over the past 24 days of conflict.

This conflicting narrative has fueled volatility across financial markets, particularly in gold, silver, and WTI crude oil. Gold recently rebounded from a four-month low of $4,099 after Trump’s delay offered temporary relief to buyers. Prior to that, the metal had plunged nearly 9% amid escalating tensions, including threats targeting civilian and energy infrastructure linked to the Strait of Hormuz dispute.

Despite the temporary relief, markets appear to interpret Trump’s softened stance as a recurring “TACO” (Trump Always Chickens Out) moment, prompting a return of risk-off sentiment and renewed bearish pressure on gold. At the same time, oil prices are recovering, with expectations of prolonged elevated energy costs.

This outlook has revived inflation concerns and increased speculation that the Federal Reserve may consider raising interest rates later this year. Rising rate expectations typically weigh on non-yielding assets like gold, adding further downside pressure.

Additional bearish momentum comes from reports of renewed Israeli strikes in Tehran. The Israel Defense Forces (IDF) confirmed ongoing operations in line with government directives, further intensifying geopolitical uncertainty.

Looking ahead, gold sellers may face intermittent pullbacks due to deeply oversold conditions, with RSI levels remaining well below 30. However, price action will likely continue to be driven primarily by developments in the Middle East conflict, making geopolitical headlines the key catalyst for gold market direction.

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Gold Price Drops

Gold Prices Correct Despite Ongoing Geopolitical Tensions

Precious metals, including gold and silver, declined over the past week even as global geopolitical tensions remained elevated.

According to Bloomberg data on Thursday (March 19, 2026), at 12:00 WIB, spot gold prices stood at US$4,818.50 per troy ounce, marking a 4.5% weekly decline. Meanwhile, silver prices dropped to US$75.62 per ounce, down 11.15% over the same period.

Lukman Leong, Chief Analyst at Doo Financial Futures, explained that the recent weakness in gold prices is primarily driven by a stronger US dollar. This trend aligns with reduced expectations of interest rate cuts by the US Federal Reserve (The Fed).

During the same period, the US Dollar Index (DXY) rose to 100.1, gaining 0.36% השבוע-over-week, highlighting the dollar’s dominance over safe-haven demand.

“The strengthening US dollar, fueled by declining expectations of Fed rate cuts, is currently the dominant factor outweighing risk-off sentiment,” Lukman stated.

In addition, gold’s strong rally earlier this year has prompted investors to take profits. Many market participants are now waiting for a better entry point before re-entering the market.

Despite the recent pullback, Lukman emphasized that the gold rally is not over. From a long-term fundamental perspective, gold remains supported by continued demand from global central banks.

He noted that the current decline is largely influenced by short- to medium-term factors. Moving forward, gold prices will heavily depend on geopolitical developments, particularly the duration of ongoing conflicts and movements in global oil prices.

“Gold is likely to resume its rally, depending on how quickly geopolitical conflicts ease and how oil prices evolve,” he added.

Silver, on the other hand, shows slightly different characteristics. Besides being a safe-haven asset, silver is also widely used as an industrial metal, particularly in the renewable energy sector.

Lukman pointed out that silver’s strong rally in late 2025 was driven by supply concerns amid rising demand from the green energy industry. However, like gold, silver prices are currently under pressure due to the stronger US dollar and shifting expectations around Fed interest rates.

“Silver tends to be more volatile,” he noted.

Looking ahead, Lukman projects gold prices to trade in the range of US$5,300–US$5,500 per troy ounce in the first half of 2026. Meanwhile, silver is expected to move between US$95 and US$100 per ounce during the same period.

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Antam Gold Rebounds

Antam Gold Price Rebounds, Hits Rp2,996,000 per Gram Today

After declining over the past few days, gold prices from PT Aneka Tambang Tbk (Antam) have finally reversed direction and moved higher.

On Wednesday, March 18, 2026, Antam gold prices rose by Rp8,000 to reach Rp2,996,000 per gram, according to official data from Logam Mulia.

The increase is also reflected in the buyback price, which climbed Rp8,000 to Rp2,748,000 per gram, up from the previous Rp2,740,000 level.

Despite the rebound, current gold prices remain below the all-time high recorded on January 29, 2026, when prices reached Rp3,168,000 per gram.

The price increase is seen across various gold denominations. Smaller sizes such as 0.5 gram are now priced at Rp1,548,000, up from Rp1,544,000. Meanwhile, 2-gram gold rose to Rp5,932,000 from Rp5,916,000, and 5-gram gold increased to Rp14,755,000 from Rp14,715,000.

For larger sizes, 10 grams are priced at Rp29,455,000 and 25 grams at Rp73,512,000. Bigger denominations ranging from 50 grams to 1,000 grams have also adjusted upward, with the 1,000-gram bar reaching Rp2,936,600,000.

Latest Antam Gold Price List – March 18, 2026:

• 0.5 gram: Rp1,548,000

• 1 gram: Rp2,996,000

• 2 grams: Rp5,932,000

• 5 grams: Rp14,755,000

• 10 grams: Rp29,455,000

• 25 grams: Rp73,512,000

• 50 grams: Rp146,945,000

• 100 grams: Rp293,812,000

• 250 grams: Rp734,265,000

• 500 grams: Rp1,468,320,000

• 1,000 grams: Rp2,936,600,000

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Gold Holds Firm

Gold Prices Edge Up, Hold Above $5,000 Amid Geopolitical Tensions

Gold prices posted modest gains on Tuesday afternoon (March 17), supported by strong safe-haven demand amid escalating geopolitical tensions linked to the Iran conflict. However, the upside remains limited as investors stay cautious ahead of the Federal Reserve’s upcoming monetary policy decision.

As of 5:00 PM WIB, spot gold rose 0.2% to $5,012.80 per troy ounce, while gold futures for April 2026 delivery climbed 0.3% to $5,016.80 per troy ounce.

According to ActivTrades analyst Ricardo Evangelista, gold continues to draw support from heightened safe-haven demand driven by geopolitical and economic uncertainty stemming from the Iran war.

The conflict intensified on Tuesday as Iran launched fresh attacks on the United Arab Emirates, entering its third week with at least 2,000 reported casualties and no clear signs of de-escalation.

Strikes targeting the UAE triggered fires at Fujairah port, a key oil export terminal where operations by state-owned ADNOC were halted. This disruption threatens to deepen the ongoing energy crisis, which has already pushed oil prices sharply higher.

Oil prices remain elevated above $100 per barrel, with the Strait of Hormuz largely restricted. Meanwhile, US allies have declined calls to deploy naval forces to escort tankers through the critical shipping route.

Rising energy prices have capped further gains in gold by reigniting inflation concerns and dampening expectations for interest rate cuts this year, Evangelista added.

While gold is traditionally viewed as a hedge against inflation, it tends to underperform in high-interest-rate environments due to the increased opportunity cost of holding non-yielding assets.

Market participants are now closely watching the Federal Reserve, which is widely expected to keep interest rates unchanged for a second consecutive meeting when it announces its policy statement on Wednesday.

In addition, investors are awaiting policy decisions from the European Central Bank, the Bank of England, and the Bank of Japan, all of which are set to hold their first meetings since the conflict began on February 28.

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Gold Prices Slip

Gold Prices Slip as Inflation Concerns Rise While Oil Surges Above $100

Global gold prices declined in Monday’s trading (March 16, 2026) as rising concerns over global inflation weighed on market sentiment.

The surge in oil prices, driven by escalating conflict in the Middle East, is expected to complicate central banks’ plans—including the Federal Reserve—to cut interest rates in the near term.

Spot gold fell 0.3% to $5,001.61 per ounce at 11:10 GMT. Meanwhile, U.S. gold futures for April delivery dropped 1.1% to $5,007.20 per ounce.

According to Natixis analyst Bernard Dahdah, the focus of the gold market has shifted from disruptions in the Strait of Hormuz to the longer-term inflation outlook.

“Higher oil prices mean higher inflation. This situation could force the Federal Reserve to pause its rate-cutting cycle,” he said.

The sharp rise in oil prices has become a key factor pressuring gold. Oil prices have remained above $100 per barrel, surging more than 40% this month and reaching their highest levels since 2022.

The rally has been fueled by intensifying geopolitical tensions after military strikes by the United States and Israel on Iran prompted Tehran to halt oil shipments through the Strait of Hormuz, a critical shipping route for global energy trade.

U.S. President Donald Trump has reportedly spoken with seven allied nations to help secure the strategic waterway after Iran launched continued attacks on vessels in the region.

The conflict between the United States and Israel against Iran has now entered its third week.

From the monetary policy perspective, investors are also closely watching the Federal Reserve’s two-day policy meeting scheduled this week. The U.S. central bank is widely expected to keep interest rates unchanged.

Several other major central banks will also hold policy meetings during the same period, including the European Central Bank, Bank of England, and Bank of Japan.

Market participants are waiting for policymakers’ views on how the Iran conflict could affect inflation, global economic growth, and the future direction of monetary policy.

In a research note, analysts at UBS said central banks are likely to remain cautious about inflation risks without immediately resorting to aggressive interest rate hikes.

However, UBS also warned that a prolonged conflict between the United States and Iran could weaken the global economy. Such conditions may ultimately boost safe-haven demand for gold.

Meanwhile, other precious metals showed mixed movements. Spot silver fell 2.1% to $78.86 per ounce, while platinum rose 2.6% to $2,076.23 per ounce. Palladium edged down 0.3% to $1,547.14 per ounce.

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