Gold Prices Expected to Stay Bullish as Market Outlook Remains Strong Through Year-End
Gold prices are projected to remain at elevated levels through the third quarter of 2026 despite easing geopolitical tensions in the Middle East. Analysts believe the weakening rupiah and expectations of global monetary policy easing will continue supporting precious metal prices in the coming months.
According to Trading Economics data on Monday (June 1, 2026) at 08:10 WIB, spot gold prices stood at US$4,527 per troy ounce. Although prices fell 0.62% over the past week, gold still recorded a 0.40% monthly gain.
Meanwhile, silver prices were recorded at US$74.90 per troy ounce, down 3.26% weekly. However, silver still posted a monthly increase of 3.87%.
Commodity analyst and Traderindo founder Wahyu Laksono stated that the rise in gold prices throughout this year has been driven by a combination of geopolitical sentiment, global central bank interest rate policies, US dollar movements, and strong investment demand.
According to Wahyu, the market was previously overshadowed by a spike in oil prices due to disruptions in energy distribution routes in the Middle East. However, hopes for a potential agreement between the United States and Iran have started to reduce market concerns over global oil supply risks.
“The easing geopolitical tensions have pushed oil prices lower again. However, gold continues to gain support from expectations of monetary easing and strong demand as a safe-haven asset,” Wahyu told Kontan on Friday (May 29, 2026).
He explained that signals of interest rate cuts from major global central banks, especially the Federal Reserve (The Fed), have become one of the main factors supporting gold prices. Lower interest rates reduce the opportunity cost of holding non-yielding assets like gold, increasing investor demand.
In addition, the weakening US Dollar Index (DXY) and declining US Treasury yields have also provided room for precious metals to strengthen further.
On the other hand, continued gold purchases by central banks across various countries remain another important factor supporting prices. The trend of diversifying foreign exchange reserves is expected to keep global gold demand strong.
Wahyu estimates global gold prices could continue trading within the range of US$4,000 to US$5,000 per troy ounce during the third quarter of 2026. Meanwhile, support levels are projected to remain around US$4,350 to US$4,400 per troy ounce if corrections occur.
Silver prices, meanwhile, are expected to move more volatilely within the range of US$60 to US$108 per troy ounce. According to Wahyu, silver could potentially record more aggressive gains than gold if industrial demand, especially from the green energy and manufacturing sectors, rebounds.
For the Indonesian domestic market, Wahyu believes Antam gold prices still have room to rise, although not as dramatically as the surge seen in 2025.
He noted that the weakening rupiah exchange rate remains the primary factor keeping domestic gold prices elevated. Since local gold prices are based on global gold prices converted into rupiah using the US dollar exchange rate, currency depreciation continues supporting higher prices.
“This condition keeps Antam gold prices potentially staying at high levels even if global gold prices experience corrections,” Wahyu said.
By the end of the year, Wahyu forecasts Antam gold prices to move within the range of Rp2,650,000 to Rp3,000,000 per gram. The projection assumes global gold prices remain between US$4,000 and US$5,000 per troy ounce, while the rupiah exchange rate fluctuates between Rp17,000 and Rp18,000 per US dollar.
He added that if the rupiah weakens beyond Rp18,000 per US dollar, Antam gold prices could potentially surpass Rp3,000,000 per gram.
In the medium term, Wahyu projects Antam gold prices could climb further toward Rp3,500,000 to Rp4,000,000 per gram as the bullish outlook for global gold prices remains intact.