Global Geopolitical Tensions Drive Gold Prices Higher

Rising Safe-Haven Demand

Gold prices have surged in early 2026, reaching near Rp 2.6 million per gram in the domestic market, driven by escalating global geopolitical tensions and international political uncertainty. The conflict in Venezuela, particularly the reported military action by the United States, has significantly contributed to the price increase ¹

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Analyst Predictions and Market Dynamics

Analysts from various financial institutions have noted that the current price movement is supported by bargain hunting activities and heightened geopolitical tensions, particularly in the South China Sea ²

. The expectation of future interest rate movements by The Fed has also played a role in supporting gold prices as a hedge against uncertainty.

Technical Outlook

Ibrahim Assuaibi, a currency and commodity analyst, predicts that if global gold prices reach US$ 4,426 per troy ounce, domestic prices could hit Rp 2.518 million per gram. He further projects that within a week, prices could reach Rp 2.61 million per gram if global prices hit US$ 4,505 per troy ounce ¹

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Market Performance

As of Friday (2/1/2026), global gold prices closed at US$ 4,332 per troy ounce. On Saturday (3/1/2026), Antam's gold price was around Rp 2.488 million per gram. The upward momentum is expected to continue throughout the week ¹

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