Analyst: Middle East Conflict Could Push Global Gold Price to 6,000 US Dollars
Jakarta – Global gold prices are projected to set new records amid escalating tensions between Iran and Israel, with involvement from the United States.
Commodity analyst Ibrahim Assuaibi stated that if the conflict escalation continues, precious metal prices have a strong chance of breaching the psychological level of 6,000 US dollars per troy ounce in the near term.
According to him, geopolitical tensions in the Middle East serve as the primary catalyst for gold price surges. In situations of war and global uncertainty, investors tend to pursue safe-haven assets to protect the value of their wealth.
“There are indications that if the war continues, there is a strong likelihood that the 6,000 US dollars per troy ounce level will be achieved this March,” Ibrahim stated in a press release on Sunday (1/3/2026).
“Within one week through Saturday morning, global gold prices are likely to close at the 5,500 US dollars per troy ounce level, with precious metal prices in Indonesia reaching 3.4 million rupiah per gram,” he explained.
The global gold price increase is certain to have a direct impact on the domestic market. Ibrahim estimates that domestic gold prices could breach 3.5 million rupiah per gram.
On Saturday (28/2/2026), global gold prices in the spot market moved from 5,182 US dollars per troy ounce and rose 1.80 per cent to the 5,278–5,280 US dollars per troy ounce level, marking the highest level in the past week.
Domestically, gold ingot prices from Logam Mulia, produced by PT Aneka Tambang Tbk (ANTM), also increased. According to official Logam Mulia data for Saturday (28/2/2026), the price of Antam gold in the 1-gram size was 3,085,000 rupiah, an increase of 40,000 rupiah from the previous position of 3,045,000 rupiah per gram.
Furthermore, coordinated attacks by the United States and Israel against Iran have triggered fresh concerns in the global energy market. The conflict involving one of the world’s major oil producers is seen as risking disruption to Middle Eastern energy supplies, and in a worst-case scenario could trigger global economic recession.
According to CNBC International, the oil market has historically tended to overlook supply disruption risks from the region. However, Bob McNally, former White House energy advisor during President George W. Bush’s administration, believes market participants are underestimating the potential for Iranian retaliation against US attacks.
“This is an extremely serious situation,” said McNally, founder and president of Rapidan Energy.