Pani Gold Expansion

Merdeka Gold Begins Deep Drilling at Pani Mine, Gold Potential Reaches 7 Million Ounces

A subsidiary of PT Merdeka Copper Gold Tbk (MDKA), PT Merdeka Gold Resources Tbk (EMAS), has officially commenced a 3,600-meter diamond deep drilling program at the Pani Gold Mine as the company targets a significant increase in mineral resources estimated at around 7 million ounces of gold.

President Director of Merdeka Gold Resources, Boyke Abidin, stated that the Pani Gold Mine located in Gorontalo currently holds an estimated mineral resource of 291.5 million tons with an average gold grade of 0.75 g/t. The massive resource potential, equivalent to approximately 7 million ounces of gold, is expected to support the long-term development of the mining project.

Boyke explained that the current mineral resource estimate is derived from an exploration area covering 135 hectares out of the company’s total concession area of 14,670 hectares. Previous exploration activities have shown strong indications of mineralization extending beyond the boundaries of the earlier drilling programs.

Therefore, the 3,600-meter diamond drilling campaign has been specifically designed to evaluate the potential expansion of the existing resource base. Through this latest drilling initiative, the Pani project aims to test the continuity of gold mineralization at much deeper zones in the future.

“With production activities beginning at Pani, the company is now in a stronger strategic position to continue testing deeper mineralization potential through six carefully designed drill holes,” Boyke stated in an official statement received by Kontan.co.id on Friday (May 29, 2026).

The initial phase of the drilling program includes six drill holes, with one drilling rig already operating on-site. Meanwhile, a second rig is scheduled to begin full operations next month to accelerate the drilling process.

If the initial results show positive potential, the company is prepared to expand the drilling program on a much larger scale.

“This program also offers flexibility for further expansion if drilling results indicate positive potential,” he added.

In addition, Boyke noted positive progress in the exploration program at the Kolokoa working area. The project has completed its initial drilling campaign consisting of 54 drill holes totaling 11,701.6 meters, with an investment value of USD 2.4 million.

Based on these results, the company is currently preparing the maiden mineral resource estimate for Kolokoa, which is targeted for release in the second quarter of 2026 to provide greater market certainty.

Furthermore, the mining issuer also plans to expand its exploration network to the Lone Pine area in the second half of 2026. EMAS is set to conduct geophysical surveys using Mobile Magnetotelluric and helicopter-based airborne magnetic surveys in June or July.

All data from the latest drilling activities will be publicly disclosed following compliance with JORC Code 2012 and KCMI 2017 reporting standards.

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Gold Under Pressure

 

Gold Remains Under Pressure as Iran Risks and Hawkish Fed Bets Support US Dollar

Gold prices struggled to extend modest gains during the Asian session on Wednesday, remaining vulnerable near the key psychological level of $4,500 as persistent geopolitical uncertainty continued to strengthen the US Dollar. In addition, growing inflation concerns have reinforced expectations of a more hawkish stance from major central banks, including the US Federal Reserve, further weakening demand for the non-yielding precious metal.

From a technical perspective, gold maintains a mildly bearish short-term outlook following this week’s rejection near the critical horizontal resistance around $4,580. That region also aligns with the 100-period Exponential Moving Average (EMA) on the 4-hour chart and is expected to serve as a major pivot zone. A sustained breakout above this barrier would be needed to ease the current bearish structure and pave the way for a stronger recovery.

Meanwhile, the Relative Strength Index (RSI) remains below the neutral level near 41, while the Moving Average Convergence Divergence (MACD) continues to trade in negative territory. These momentum indicators suggest ongoing downside pressure despite the absence of fresh extreme bearish momentum. However, a decisive break below the monthly swing low near the $4,450 area could trigger a deeper corrective decline for gold prices.

US forces launched what was described as a self-defense strike in southern Iran on Monday, targeting Iranian missile sites and vessels allegedly attempting to deploy naval mines. Iran’s Foreign Ministry condemned the attacks as a violation of the ceasefire agreement that has been in place since early April.

In addition, the Islamic Revolutionary Guard Corps (IRGC) stated that Iran retains the legitimate right to retaliate against any ceasefire violations by the United States. Iranian Supreme Leader Mojtaba Khamenei also warned that regional countries would no longer serve as safe zones for US military bases. These developments continue to sustain geopolitical risk premiums and support the US Dollar’s safe-haven status, placing additional pressure on gold prices.

At the same time, escalating US-Iran tensions, combined with the effective closure of the Strait of Hormuz and the US blockade of Iranian ports, could continue supporting crude oil prices and fueling inflation concerns globally. This environment has encouraged major central banks to maintain a hawkish outlook, with the Reserve Bank of Australia already raising interest rates in May, while the European Central Bank, Bank of Japan, and Reserve Bank of New Zealand are all expected to deliver rate hikes later this year.

Market participants are also pricing in roughly a 50% probability of a Federal Reserve rate hike in December. This outlook provides additional support for the Greenback and limits upside momentum for non-yielding assets such as gold.

Looking ahead, no major US economic data releases are scheduled for Wednesday, leaving the US Dollar sensitive to comments from influential Federal Open Market Committee (FOMC) members and fresh developments surrounding the Middle East crisis. However, traders are likely to remain cautious ahead of Thursday’s release of the US Personal Consumption Expenditures (PCE) Price Index and the second estimate of US Gross Domestic Product (GDP).

Given the current fundamental backdrop, market conditions continue to favor bearish sentiment toward XAU/USD, suggesting caution before anticipating any significant intraday rebound in gold prices.

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Gold Prices Decline

Gold Prices Slip as Fresh US-Iran Strikes Dampen Peace Deal Hopes

Gold prices moved lower during Asian trading on Tuesday after the latest military strikes by the United States against Iran weakened market optimism over a potential peace agreement between the two nations.

The US dollar remained steady, while oil prices rebounded following reports of renewed US military action against Iran. The stronger dollar and rising crude oil prices pressured gold, limiting the precious metal’s recent bullish momentum.

Spot gold declined 0.8% to $4,535.17 per ounce as of 08:37 WIB, while gold futures dropped 0.8% to $4,568.67 per ounce.

Other precious metals also traded lower. Spot silver fell 2.1% to $76.4495 per ounce, while spot platinum slipped 0.6% to $1,955.02 per ounce.

Gold and other safe-haven assets had posted solid gains in recent sessions after reports suggested that the United States and Iran were close to reaching a framework agreement to reopen the Strait of Hormuz.

However, reports released late Monday indicated that the US had launched fresh military strikes against Iran, reducing hopes for a near-term diplomatic breakthrough between the two countries.

According to US media reports, the military targeted missile launch facilities and mine-laying vessels located in southern Iran.

The escalating geopolitical tensions helped the US dollar stabilize after recent losses and pushed oil prices higher following a week of declines.

Rising oil prices have increased concerns about inflationary pressures stemming from the Iran conflict. Investors remain worried that energy-driven inflation could force major global central banks to maintain a more hawkish monetary policy stance, which has continued to weigh on gold prices throughout the year.

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Gold Prices Steady

Gold Prices Trim Gains but Demand Remains Strong Above $4,550 Amid Weakening US Dollar

Gold prices pared part of their intraday gains during Monday’s trading session, although demand for the precious metal remained solid above the US$4,550 level as the US Dollar continued to weaken amid mixed market sentiment.

The XAU/USD pair struggled to extend its modest Asian session rally toward the US$4,580 region and remained capped below the upper boundary of last week’s trading range. Market sentiment was influenced by weekend developments suggesting progress toward a potential peace agreement between the United States and Iran, which pressured the US Dollar and supported gold prices.

However, investors remain cautious as Washington and Tehran continue to disagree on several key issues, limiting broader bullish momentum in the gold market.

From a technical perspective, gold prices continue to trade within a descending parallel channel. The upper boundary of the channel aligns closely with the 200-period Exponential Moving Average (EMA) on the 4-hour chart, creating a strong resistance zone near US$4,650. This indicates that the recent rebound may still be vulnerable despite improving momentum indicators.

The Moving Average Convergence Divergence (MACD) indicator remains above the zero line, while the histogram continues to print positive values. Meanwhile, the Relative Strength Index (RSI) stays in the mid-50 range, signaling a temporary recovery rather than a confirmed bullish trend reversal.

On the downside, the lower boundary of the parallel channel near US$4,360 serves as the next major support level. A breakdown below this floor could reinforce the broader bearish structure and open the door for deeper corrections in the medium-term downtrend.

Fed Hawkish Outlook Limits Gold Rally

Expectations that the US Federal Reserve will maintain a hawkish monetary policy stance helped limit further weakness in the US Dollar and capped additional upside for non-yielding gold assets.

According to Axios, citing a US official on Saturday night, the United States and Iran are reportedly close to signing an agreement involving a 60-day ceasefire extension that would reopen the Strait of Hormuz. In addition, US President Donald Trump stated that most aspects of a peace framework with Iran had already been negotiated.

The development boosted investor confidence, while declining crude oil prices eased inflation concerns and triggered a sharp drop in US Treasury yields amid thin market liquidity due to several global holidays. These factors significantly pressured the Greenback and provided support for gold prices.

Despite this, Trump reportedly instructed negotiators not to rush the agreement process and emphasized that naval restrictions on Iranian ports would remain in place until a formally certified deal is signed.

In addition, ongoing disputes regarding Iran’s nuclear program continue to limit optimism. Market speculation that the Federal Reserve could raise interest rates again in 2026 may also strengthen the US Dollar moving forward.

As a result, traders may prefer to wait for stronger buying momentum before confirming that gold has established a short-term bottom near the US$4,450 region — its lowest level since late March reached last week.

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Gold Prices Weaken

Gold Prices Slip Amid Iran Uncertainty and Weak Weekly Outlook

Gold prices edged lower during early Asian trading on Friday and were on track for a weak weekly close as investors remained cautious over the ongoing Iran conflict and its potential impact on interest rates.

Spot gold fell 0.2% to $4,532.95 per ounce at 07:18 GMT, while gold futures also declined 0.2% to $4,533.90 per ounce.

Despite sharp market fluctuations throughout the week, spot gold was set to post a weekly decline of around 0.2%. Investor sentiment continued to shift amid mixed signals from the United States and Iran regarding ongoing negotiations. Optimism briefly improved after U.S. President Donald Trump delayed a potential military strike on Iran, while reports suggested that a final draft peace agreement had been reached.

However, Trump warned that military action could still happen if Tehran refused to accept the proposed agreement, with Iran’s nuclear program remaining the key point of contention.

U.S. officials also criticized Tehran’s plan to impose transit fees through the Strait of Hormuz. Limited oil flows through the crucial shipping route continued to keep crude oil prices elevated.

The conflict showed little sign of ending anytime soon, leaving markets concerned about prolonged disruptions to global oil supplies and the broader impact on inflation.

U.S. inflation has surged over the past two months due to rising energy prices, fueling speculation that the Federal Reserve may be forced to raise interest rates later this year.

Minutes from the Fed’s late-April meeting revealed growing support among policymakers for additional rate hikes, a scenario generally viewed as negative for gold and other non-yielding assets.

Other precious metals also moved lower on Friday and appeared headed for weak weekly performances. Spot platinum slipped 0.2% to $1,967.98 per ounce, while spot silver declined 0.2% to $76.5145 per ounce.

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Gold Prices Rebound

 

Gold Prices Rebound After Trump Says Iran Negotiations Near Final Stage

Global gold prices rebounded during Thursday’s trading session after previously touching their lowest level in the past two months. The recovery was driven by easing concerns over Middle East tensions and softer global inflation pressures.

Spot gold prices climbed 1.39% to US$4,543.55 per troy ounce after falling to around US$4,490 per troy ounce in the previous session.

Market sentiment improved after U.S. President Donald Trump stated that negotiations with Iran had entered the final stage. However, Trump also warned of potential additional military action if Iran refuses to agree to the proposed peace deal.

According to Alwi Assegaf, Research & Development analyst at Trijaya Pratama Futures, the rebound in gold prices was also supported by declining U.S. Treasury yields.

The yield on the 10-year U.S. Treasury note fell to 4.576% from the previous 4.669%.

“The decline in Treasury yields has provided room for gold to rebound after facing significant pressure over the past several trading sessions,” Alwi said in his Thursday research note.

Alwi added that investors have started to reduce concerns over rising inflation as geopolitical tensions in the Middle East show signs of easing.

In addition to developments in U.S.-Iran negotiations, shipping data indicated that several Chinese supertankers and oil tankers had begun exiting the Strait of Hormuz. This development triggered a decline in global crude oil prices and eased fears of disruptions to the world’s energy supply.

Despite improving market sentiment, the minutes from the April 2026 Federal Open Market Committee (FOMC) meeting revealed that most Federal Reserve officials are still open to further interest rate hikes this year.

The meeting minutes showed that many policymakers believe tighter monetary policy may still be necessary if inflation remains above the Fed’s 2% target. Several members even proposed removing previous statements that hinted at a dovish policy stance.

Meanwhile, Tiffani Safinia, Research & Development analyst at ICDX, said investors are now closely watching upcoming U.S. economic data, including manufacturing PMI figures and weekly jobless claims, to assess the resilience of the U.S. economy amid ongoing inflation pressures.

“The movement of the U.S. dollar and energy prices is expected to remain the primary factor influencing gold price direction in the short term,” Tiffani explained.

Tiffani also noted that medium- to long-term investors may continue applying a gradual accumulation strategy, as gold remains a preferred hedge against inflation and global uncertainty.

From a technical perspective, Alwi stated that gold price movements on the H4 timeframe remain under bearish pressure, although short-term rebound signals have started to emerge after prices managed to hold above the 4,453 support level.

Gold prices are still trading below the descending trendline and moving average area, indicating that the bearish trend continues to dominate the market. However, the Relative Strength Index (RSI) has started to move higher from oversold territory, signaling that bearish momentum is gradually weakening.

If prices manage to break through the resistance zone between 4,589 and 4,637, the opportunity for further gains toward the 4,773 area could widen. On the other hand, if gold fails to break resistance and falls back below 4,511, selling pressure may intensify toward support levels at 4,453 and 4,404.

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