Gold Expansion Catalyst

PTRO Gold Mining Expansion Becomes New Growth Catalyst, Here’s the Recommendation

The performance outlook of PT Petrosea Tbk (PTRO) is projected to remain promising throughout 2026 as the company accelerates its business expansion into the gold mining sector in Papua New Guinea.

This strategic move marks PTRO’s commodity diversification beyond its long-established strength in coal mining services. Earlier, the company completed a binding offer transaction with Tolu Minerals Limited on April 20, 2026.

Through the deal, Petrosea secured a convertible note worth AU$23.75 million, opening opportunities for operational collaboration in the gold mining industry.

Kiwoom Sekuritas Senior Equity Research Analyst Sukarno Alatas stated that the expansion into gold mining represents a positive strategy to broaden the company’s revenue streams while reducing dependence on the coal business.

“This diversification is considered favorable because gold offers attractive long-term prospects amid elevated global commodity prices,” Sukarno said on Wednesday (May 13, 2026).

Based on the company’s financial report, PTRO posted revenue of US$284.13 million in the first quarter of 2026, surging 84.24% year-on-year (YoY) compared to US$154.22 million recorded in the same period last year.

Meanwhile, the company booked net profit attributable to parent entity owners of US$1.39 million, up 50.54% YoY from US$920,000 previously.

According to Sukarno, PTRO’s performance this year still has strong growth potential, supported by a solid contract backlog, contributions from new projects, and the gradual expansion of its non-coal businesses.

Beyond the gold mining expansion, the analyst sees continued growth in mining services activity and the possibility of securing additional contracts as key catalysts for PTRO throughout 2026.

In addition, contributions from engineering, procurement, and construction (EPC) projects, along with infrastructure developments, are expected to support the company’s revenue growth this year.

“From a macro perspective, relatively stable coal prices, strong gold price trends, and increasing spending in the national energy and downstream sectors remain positive sentiments for the company,” he explained.

However, Sukarno reminded investors to remain cautious of several risks, including commodity price volatility, rising operational costs, and potential global economic slowdowns that could affect the mining sector’s performance.

Fundamentally, PTRO shares are still viewed as attractive, backed by business expansion initiatives and strong revenue visibility.

Therefore, Kiwoom Sekuritas maintains a buy recommendation for PTRO shares with a target price of Rp8,325 per share.

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Petrosea Gold Expansion

Petrosea’s Strong Backlog and Gold Diversification Support PTRO’s 2026 Outlook

The business outlook for PT Petrosea Tbk (PTRO) in 2026 remains attractive as the company expands into the gold mining sector in Papua New Guinea through its investment in Tolu Minerals Limited.

PTRO completed its binding offer process with Tolu Minerals Limited on April 20, 2026. Through the transaction, Petrosea secured a convertible note worth AUD 23.75 million, creating opportunities for future operational cooperation in the gold mining industry.

KISI Sekuritas Head of Research, Muhammad Wafi, stated that the expansion could strengthen PTRO’s business diversification strategy, as the company has long been recognized as a major player in coal mining services.

“The 2026 outlook is quite promising. Profitability could improve significantly once new projects begin contributing,” Wafi told Kontan on Tuesday (May 12, 2026).

However, he noted that PTRO’s investment in Tolu Minerals is unlikely to contribute directly to revenue in the short term. The investment is still structured as a financial instrument that may later be converted into equity ownership or mining service contracts.

According to Wafi, PTRO’s main performance catalyst continues to come from its solid long-term contract backlog, which provides strong revenue visibility for the company over the next several years.

In addition, elevated global gold prices amid rising geopolitical tensions between the United States and Iran are also seen as a positive factor supporting PTRO’s gold diversification narrative.

“High global gold prices support PTRO’s gold diversification story, even though revenue from Tolu has not yet materialized in the near term,” he said.

Meanwhile, BRI Danareksa Sekuritas Fundamental Analyst Abida Massi Armand also highlighted several positive catalysts expected to support PTRO’s performance.

First, the company is expected to monetize its backlog from long-term contracts with Freeport Indonesia and Bara Prima Mandiri.

Second, PTRO is accelerating its engineering, procurement, construction, and installation (EPCI) segment through the integration of Hafar and Scan-Bilt, reflected in a US$9.5 million contract win from Petronas.

The company is also expanding internationally into Pakistan through an engineering, procurement, and construction (EPC) project with Reko Diq Mining Company.

Despite the positive outlook, PTRO still faces several risks that investors should monitor. Regulatory changes in Indonesia’s mining sector remain a major concern, particularly regarding potential reductions in RKAB approvals and higher taxes that could weaken interest in new mining projects.

Wafi also warned about additional risks, including high interest expenses and operational challenges in new regions such as Papua New Guinea.

For investment recommendations, Wafi maintained a “buy” rating on PTRO shares with a target price of Rp 8,000 per share.

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Antam Gold Surges

Antam Gold Prices Today Jump Rp40,000 to Rp2.859 Million Per Gram

Certified Antam gold bullion produced by PT Aneka Tambang Tbk recorded a sharp increase on Tuesday, May 12, 2026.

According to the official Logam Mulia website, the price of 1 gram of Antam gold rose to Rp2,859,000 per gram. The latest price surged Rp40,000 compared to Monday, May 11, 2026, when gold was traded at Rp2,819,000 per gram.

Meanwhile, the Antam gold buyback price also climbed significantly to Rp2,676,000 per gram. This marked an increase of Rp50,000 from the previous buyback price of Rp2,626,000 per gram recorded on Monday.

The rally in Antam gold prices reflects stronger demand for precious metals amid ongoing global market uncertainty and fluctuating economic conditions.

Latest Antam Gold Prices Today – Tuesday, May 12, 2026

(Prices exclude taxes)

• 0.5 gram gold: Rp1,479,500

• 1 gram gold: Rp2,859,000

• 5 gram gold: Rp14,110,000

• 10 gram gold: Rp28,140,000

• 25 gram gold: Rp70,185,000

• 50 gram gold: Rp140,205,000

• 100 gram gold: Rp280,260,000

• 250 gram gold: Rp700,340,000

• 500 gram gold: Rp1,400,400,000

• 1,000 gram gold: Rp2,799,600,000

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Gold Below Pressure

Gold Slips Below $4,700 as Market Sentiment Weakens

Gold prices (XAU/USD) traded under pressure on Monday, fluctuating below the $4,700 level as the US Dollar regained strength. Persistent geopolitical uncertainty continued to reinforce the Greenback’s safe-haven appeal, while growing expectations of a more hawkish stance from the US Federal Reserve further weighed on the precious metal.

From a technical perspective, gold maintains a neutral tone after repeatedly failing last week to break above the 61.8% Fibonacci retracement level of the April-May decline. However, downside movement remained limited near the 200-period Simple Moving Average (SMA). In addition, the Relative Strength Index (RSI) stayed slightly above the 50 mark, signaling a modest bullish bias, while the Moving Average Convergence Divergence (MACD) remained below zero with negative readings, suggesting that bullish momentum is still not fully convincing.

Meanwhile, the 50.0% Fibonacci retracement around $4,696 is expected to act as immediate resistance, followed by stronger barriers near the 61.8% retracement at $4,743 and the 78.6% level around $4,810. A sustained breakout above these levels could pave the way toward the recent cycle high near $4,894. On the downside, the 200-period SMA at $4,675 provides initial support ahead of the 38.2% Fibonacci retracement near $4,650, while deeper support levels are seen around $4,592 and the structural low near $4,498.

Optimism surrounding a potential US-Iran peace agreement and conflict de-escalation faded rapidly amid renewed hostilities in the Strait of Hormuz. In addition, both US President Donald Trump and Iran rejected each other’s peace proposals aimed at ending the conflict and gradually reopening the strategic waterway, largely due to major disagreements over Iran’s nuclear program.

According to reports from the Wall Street Journal, Iran refused US demands to dismantle its nuclear facilities and halt uranium enrichment activities for the next 20 years. President Trump quickly criticized Iran’s response, calling it “completely unacceptable.” These developments kept geopolitical risks elevated, supporting the US Dollar and increasing downside pressure on gold prices.

At the same time, rising crude oil prices revived inflation concerns, while stronger-than-expected US employment data released on Friday strengthened the case for a more hawkish Federal Reserve policy outlook. The latest US Nonfarm Payrolls (NFP) report showed that the economy added 115,000 new jobs in April, surpassing market expectations, while the unemployment rate remained steady at 4.3%.

Furthermore, CME Group’s FedWatch Tool indicated that traders are currently pricing in more than a 20% probability that the Federal Reserve could implement at least one additional 25-basis-point interest rate hike before the end of the year. This outlook continued to support the US Dollar and reinforced bearish pressure on non-yielding assets such as gold.

However, traders remain cautious ahead of key US inflation data releases this week, including the Consumer Price Index (CPI) and Producer Price Index (PPI) reports scheduled for Tuesday and Wednesday. Investors will also closely monitor upcoming US Retail Sales data and speeches from influential Federal Open Market Committee (FOMC) members for further clues on monetary policy direction.

Despite the recent weakness, the absence of aggressive follow-through selling suggests caution before confirming that gold’s rebound from the psychological $4,500 level — its lowest point in more than a month reached last week — has completely lost momentum.

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Gold Prices Decline

Gold Prices Slip on Friday Morning as Hopes for Easing War Tensions Fade

Gold prices edged lower during Friday morning trading (May 8, 2026), pressured by fading optimism over a potential easing of geopolitical tensions in the Middle East.

According to Bloomberg, as of 07:58 WIB, gold futures for June 2026 delivery on the Commodity Exchange were trading at US$4,709.40 per troy ounce, down 0.03% from the previous session’s close of US$4,710.90 per troy ounce.

Although the decline was relatively mild, gold prices remained under pressure as optimism surrounding a possible agreement to reopen the Strait of Hormuz weakened following reports of attacks on US Navy vessels.

Bloomberg reported that military tensions escalated after Iran allegedly launched attacks on three US Navy destroyers sailing through the Strait of Hormuz.

The latest confrontation has further intensified geopolitical uncertainty as the United States seeks a way out of the conflict while awaiting Iran’s response to proposals aimed at reopening the crucial shipping route.

Gold prices have fallen around 11% since the conflict began. The closure of the Strait of Hormuz triggered major energy price shocks, fueling inflation concerns that could keep global interest rates elevated for a longer period.

Higher interest rates and a stronger US dollar continue to weigh negatively on gold prices, reducing the appeal of the precious metal among investors.

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Gold Holds Firm

Gold Holds Positive Bias Above $4,700 as Weaker US Dollar Supports Bullion Near Multi-Week High

Gold prices maintained a positive tone for the third consecutive trading session, holding firmly above the $4,700 level and staying close to a one-and-a-half-week high reached in the previous session. However, bullish momentum appears cautious as traders await greater clarity surrounding a potential US-Iran peace agreement before placing fresh positions. The downside for the precious metal remains limited due to fading expectations of a hawkish Federal Reserve and broad weakness in the US Dollar, both of which continue to support bullion prices.

Wednesday’s breakout above the 200-hour Exponential Moving Average (EMA), followed by sustained strength beyond the 38.2% Fibonacci retracement level from the April swing high decline, has been viewed as a key bullish trigger for XAU/USD buyers. Gold also remains above the critical 50% retracement level, reinforcing the constructive near-term outlook.

Meanwhile, the Relative Strength Index (RSI) remains around 65, maintaining a bullish tone without yet entering overbought territory. This suggests there is still room for additional upside momentum, although the metal could face corrective pullbacks if buyers begin losing traction. At the same time, the Moving Average Convergence Divergence (MACD) indicator remains below the zero line with negative readings, signaling that bullish momentum is not yet fully convincing.

On the upside, immediate resistance is seen near the 61.8% Fibonacci retracement level at $4,741.58, followed by stronger resistance around the 78.6% retracement level near $4,807.61. A break above these levels could open the door toward the recent cycle high around $4,891.72, which continues to cap the broader bullish scenario.

On the downside, initial support is located near the 50% retracement level at $4,695.20, followed by a more substantial demand zone around the 38.2% retracement at $4,648.82 and the 200 EMA near $4.634,46. A sustained move below this area could expose the 23.6% retracement level at $4,591.44 and potentially the recent swing low around $4,498.68 if selling pressure intensifies.

Fundamental Overview

US President Donald Trump struck an optimistic tone on Wednesday, stating that negotiations had made progress over the past 24 hours and suggesting that a deal with Iran was highly possible. In addition, Axios reported that the United States and Iran were very close to finalizing an agreement. However, Iranian state-linked media rejected claims of a broader deal, citing reports from the Iranian Students News Agency indicating that the US proposal included terms previously rejected by Tehran in recent days.

Further reports from the BBC indicated that Iran is reviewing a one-page memorandum with the United States that could gradually reopen the Strait of Hormuz and lift American restrictions on Iranian ports. Nevertheless, Trump warned that Iran could face bombing “at levels and intensity far greater than before” if a peace agreement is not reached. Investors are therefore reassessing the likelihood of a finalized deal amid persistent disagreements over Iran’s nuclear program, a factor that continues to weigh on gold prices.

On the economic front, the latest US ADP Employment Report released Wednesday showed private-sector payrolls increased by 109K in April, compared with a downwardly revised 61K in the previous month. The stronger-than-expected reading highlighted continued resilience, though unevenness, within the US labor market. Meanwhile, the CME FedWatch Tool from CME Group indicates traders are still pricing in the possibility of another Federal Reserve rate hike later this year. This has helped limit further losses in the US Dollar and capped stronger gains in non-yielding gold.

Traders are now focusing on the weekly US Initial Jobless Claims data, alongside speeches from influential FOMC members, which may generate fresh volatility during the North American trading session. However, market attention remains firmly centered on Friday’s closely watched US Nonfarm Payrolls (NFP) report. In addition, ongoing developments surrounding the Middle East crisis are expected to continue driving volatility across global financial markets and shaping the next directional move for gold prices. 

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