Gold Prices in Indonesia Seen Near Rp3 Million Next Week

April 26, 2026 | 12:12 pm

TEMPO.CO, Jakarta - The Director of PT Traze Andalan Futures, Ibrahim Assuaibi, expects gold prices in Indonesia to range between Rp2.8 million and Rp2.9 million per gram next week, with movements largely driven by global factors.

"There are geopolitical factors, American politics, central bank policies, and then the fourth one is supply and demand," he said in a statement on Sunday, April 26, 2026.

Ibrahim estimates that the price of gold could reach the level of US$ 4,651 per troy ounce or Rp2.8 million per gram if there is a decrease from the previous Friday's closing. If it continues to decrease, it is estimated to be at the level of US$4,520 per troy ounce or Rp2.790.000 per gram. At the close of trading last Friday, the price of gold was at the level of US$4,708.69 per troy ounce or Rp2,825,000 per gram.

At the highest level, Ibrahim said, the price of gold in Indonesia is estimated at US$4,779 per troy ounce or Rp2,865,000 per gram. If it goes beyond that, it is likely to be at the level of US$4,880 or around Rp2,980,000.

Factors affecting this are the negotiation efforts between the United States and Iran facilitated by Pakistan. The ceasefire efforts extended by the United States since April 22 are still doubted by Iran because there are still threats of attacks.

Furthermore, the shipping route in the Hormuz Strait has not been fully opened and has continued to push up the world crude oil prices. "Iran has again closed the Hormuz Strait, and this has caused oil prices to continue to soar and impact what? inflation," said Ibrahim.

Internal dynamics from the United States Federal Reserve also affect speculation on gold prices and the exchange rate of the rupiah against the dollar. One of these dynamics is that Kevin Warsh will be appointed as the Chair of The Fed, replacing Jerome Powell in the coming May.

Regarding supply and demand, Ibrahim said that the BRICS member countries (Brazil, Russia, India, China, South Africa) are adding gold as a reserve to anticipate the prolonged war. "So when the price of precious metals (gold) decreases, this is the best opportunity for the central banks of BRICS member countries to increase their wealth," he said.

As for the price of gold from PT Aneka Tambang (Antam) Tbk., according to the official website of logammulia.com, it has been fluctuating throughout April 2026. The prices range from Rp2,805,000 to Rp2,807,000 per gram, with the highest price at Rp2,922,000 per gram on April 2.

Read: Why Gold Prices Don't Always Rise During Conflicts

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