Gold Market Outlook 2026: Strength Amid Uncertainty

Global Factors Driving Gold Prices

The gold market is expected to remain robust in 2026, with predictions suggesting prices could reach US$4,500 per ounce. This forecast is supported by various global factors including ongoing political uncertainties, geopolitical tensions, and potential monetary policy shifts by major central banks ¹

The Indonesian gold market experienced remarkable growth in 2025, with gold prices surging by 64.42%. This performance was despite some volatility at the year-end trading sessions. The strong investor demand for gold as a safe-haven asset has been a key driver of this growth.

Indonesian Gold Market Dynamics

In Indonesia, the gold price reached Rp2,676,000 per gram for Antam gold on January 11, 2026, while Pegadaian's Galeri 24 gold was priced at Rp2,622,000 per gram. These prices reflect the continued investor interest in gold as both an investment and a hedge against economic uncertainties.

Currency Impact on Gold Investment

The Indonesian rupiah's performance against the US dollar is another critical factor influencing gold investment in the country. While some analysts predict the rupiah may strengthen in 2026 due to Indonesia's trade surplus and foreign capital inflows, others note that the currency remains under pressure due to various economic factors ²

The current exchange rate shows the rupiah at Rp16,834 per US dollar, reflecting a slight weakening. Analysts project that the rupiah will remain in the range of Rp16,750 to Rp16,850 per US dollar in the near term ³

Market Outlook and Investment Implications

The combination of potentially higher gold prices and currency fluctuations creates an interesting dynamic for investors. The expected rise in gold prices to US$4,500 per ounce could make gold investment more attractive, particularly if the rupiah remains stable or strengthens against the dollar.