Gold Price Outlook Remains Volatile This Week: Spot and Antam Trends to Watch
Gold price prospects remain highly volatile this week, driven by ongoing geopolitical tensions and shifting global interest rate expectations.
According to Trading Economics on Monday (April 13) at 11:30 WIB, global gold prices are currently hovering around US$4,712 per troy ounce, marking a 5.9% decline over the past month.
Meanwhile, based on data from Logam Mulia, the price of Antam gold dropped to Rp 2,818,000 per gram, down Rp 42,000 on a daily basis.
Short-Term Gold Outlook: Correction Still Possible
Currency and commodity analyst Ibrahim Assuaibi stated that gold prices still have the potential to correct in the short term.
For this week, he forecasts global gold support at US$4,638 per troy ounce, with Antam gold potentially easing to around Rp 2,840,000 per gram, reflecting a correction of approximately Rp 20,000.
“If selling pressure continues, gold prices could fall deeper toward US$4,358 per troy ounce by the end of the week, while Antam gold may decline to Rp 2,780,000 per gram,” Ibrahim said on Sunday (April 12, 2026).
Upside Potential Remains Open
Despite downside risks, the upside potential for gold remains intact. Ibrahim projects resistance at US$4,897 per troy ounce, with Antam gold possibly rising to Rp 2,880,000 per gram.
In a more bullish scenario, global gold prices could surge past US$5,138 per troy ounce, potentially pushing Antam gold to as high as Rp 3,100,000 per gram.
Key Drivers: Geopolitics and Interest Rates
The wide trading range in gold prices is largely influenced by global factors, particularly geopolitical developments in the Middle East.
Ibrahim noted that potential negotiations between the United States and Iran, mediated by Pakistan, could open the door to a temporary ceasefire. If stability is achieved, oil prices may decline, easing inflation and increasing the likelihood of interest rate cuts by the Federal Reserve—conditions that are favorable for gold.
On the other hand, if ceasefire efforts fail and tensions escalate, oil prices and the US dollar could strengthen, further boosting gold’s appeal as a safe-haven asset.
US-China Tensions and Fed Policy Support Gold
Rising tensions between the United States and China over military support to Iran are also supporting gold prices. This situation may pressure emerging market currencies, including the Indonesian rupiah, thereby lifting domestic gold prices such as Antam.
From a monetary policy perspective, expectations of Federal Reserve rate cuts remain a key bullish catalyst. A more accommodative stance from the US central bank is expected to support global gold prices.
Additionally, Donald Trump’s decision to appoint Kevin Warsh signals potential policy alignment between the US government and the central bank, particularly regarding interest rate cuts—further strengthening gold’s outlook.