Five Factors Influencing Gold Prices Next Week
Gold prices are predicted to move fluctuatively next week. Antam gold or Logam Mulia prices on Sunday, 3 May 2026, were recorded at Rp2,796,000 per gram, while global gold traded above US$4,600 per troy ounce at the weekend.
Citing Trading Economics, over the past week, global gold prices have been volatile, with a high of US$4,690 per troy ounce on 28 April 2026. On the same day, Logam Mulia reached a weekly high of Rp2,814,000 per gram.
Director of PT Traze Andalan Futures, Ibrahim Assuaibi, stated that if global gold prices fall next week, the potential low could be US$4,389 to US$4,520.
Meanwhile, for Logam Mulia, if gold prices drop, they could reach Rp2,750,000-2,786,000 per gram. “So, there is a high likelihood that next week Logam Mulia will trade close to Rp2,750,000 per gram,” he said in an official statement on Sunday, 3 May 2026.
However, if the price of this commodity climbs, global gold could reach US$4,702-4,851 per troy ounce. Antam gold could hit Rp2,886,000-2,900,000 per gram.
Ibrahim explained that there are five factors influencing global gold price movements. The first and biggest cause is geopolitical issues in the Middle East.
Next is the political situation in the United States. The third factor is trade wars. Fourth, central bank policies, and finally, global supply and demand issues.
The war in the Middle East between Iran and the US is intensifying, with a high likelihood of a prolonged conflict, as stated by Iran’s Revolutionary Guard. US President Donald Trump is also considering using hypersonic missiles to pressure Iran’s military.
On one side, Israel’s military is still aggressively launching attacks in southern Lebanon, targeting infrastructure and Hezbollah positions. This situation has the potential to drive gold prices soaring.
However, this condition is causing global oil prices to continuously rise; if that happens, there is a possibility that global central banks will raise benchmark interest rates. If so, global gold prices could correct as investors shift away.
From the supply and demand side, amid these corrected prices, banks, global investors, and the public are likely to snap up relatively cheaper gold. “Thus, in the medium and long term, Logam Mulia prices will still experience increases,” said Ibrahim.