August 9, 2026 | 04:00 pm
TEMPO.CO, Jakarta - Global gold prices are expected to strengthen in trading next week. Ibrahim Assuaibi, Director of PT Traze Andalan Futures, predicts the global gold price will be around US$4,493 per troy ounce next week. "For Monday, support is likely at US$4,405 per troy ounce," Ibrahim said in a statement on Sunday, August 9, 2026.
According to the tradingeconomics website, on Sunday, August 9, 2026, at 10:36 a.m., the world gold price was US$4,343.43 per troy ounce.
Ibrahim said that the geopolitical situation in the Middle East is a driving factor in the rising price of gold. One factor is the agreement between Iran and Oman to control the Strait of Hormuz. The war between Russia and Ukraine is also another contributing factor.
Beyond geopolitical aspects, the Federal Reserve's interest rate policy also plays a role in future gold price movements. This is especially true when U.S. employment data shows a 23,000-job decline. "The U.S. Federal Reserve is likely to keep interest rates unchanged in September," he said.
Meanwhile, Ibrahim predicts precious metal prices in the coming week will be in the range of Rp2,550,000 to Rp2,820,000 per gram. On Monday, Ibrahim predicts precious metals will trade between Rp2,670,000 and Rp2,710,000 per gram. "There is a possibility that precious metals will strengthen, but the strengthening rupiah will limit gains in precious metals," Ibrahim said.
Previously, Dupoin Futures analyst Geraldo Kofit also predicted that gold prices would remain at the support level of US$4,331 per troy ounce. If this level is successfully broken, further strengthening is expected towards US$4,382 per troy ounce, the next resistance target.
"Dupoin Futures sees gold prices still receiving support from increasing demand for safe-haven assets," Geraldo said in a statement on Friday, August 7, 2026.
Geraldo said that, besides the safe-haven factor, weakening global oil prices are also supporting gold prices. This is because lower energy prices are considered capable of alleviating some inflationary pressures. This, in turn, reinforces expectations that the Fed has more room to ease monetary policy if economic conditions begin to weaken.
Another contributing factor is the decline in U.S. Treasury yields. When yields fall, the attractiveness of interest-bearing assets diminishes, prompting some investors to turn to gold as an alternative investment. "This is one reason why the prospect of gold price increases remains strong, even as the market awaits important economic data," he said.
Read: Why Is Russia Selling Its Gold?
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