Geopolitical Turmoil Heats Up Again, Here Are Gold Price Predictions for Next Week

Gold prices have experienced fluctuations and a downward trend amid various global geopolitical and geo-economic dynamics. The safe-haven commodity is predicted to trade in the range of Rp 2.44 million to Rp 2.74 million per gram in the coming week. Global gold prices closed at 4,053 US dollars per troy ounce at the end of this week, while the precious metal was positioned at Rp 2.62 million per gram. Currency and commodity analyst Ibrahim Assuaibi predicts that if the gold price declines, the first support level will be at 3,968 US dollars per troy ounce, with the precious metal at Rp 2.59 million per gram. Should the correction continue, the second technical support level for global gold is at 3,871 US dollars per troy ounce, with the precious metal at Rp 2.44 million per gram. Conversely, if the price surges, the first resistance level for global gold is at 4,148 US dollars per troy ounce, with the precious metal at Rp 2.63 million per gram. If it strengthens further, the second resistance level is at 4,240 US dollars per troy ounce, with the precious metal at Rp 2.74 million per gram. The US dollar index closed at 101.47 this weekend. Ibrahim predicts the index’s support level for the coming week is at 100.40, with resistance at 102.40. Meanwhile, world crude oil prices closed at 89.30 US dollars per barrel, with WTI crude oil projected to trade in the range of 82.60 to 102.80 US dollars per barrel next week. Several fundamental factors are influencing the fluctuations in the US dollar index, crude oil, and gold prices, including geopolitics, US central bank policy, and the trade war. Regarding geopolitical dynamics, the war in the Middle East is observed to be expanding, with Houthi groups in Yemen, allies of Iran, attacking airports in Saudi Arabia. Additionally, Ukraine reportedly attacked a ship carrying weapons from Russia to Iran in the Caspian Sea, indicating Ukraine’s involvement in the regional conflict dynamics. This suggests that the war is expanding. Despite a pause in fighting between Iran and the US, Iran remains on alert due to concerns that the US will launch sporadic attacks for 12 consecutive days. These geopolitical factors are influencing the rise in crude oil prices, which in turn impacts the increase in gasoline prices in the US. When crude oil prices, particularly Brent, are above 100 US dollars per barrel, the US has temporarily reduced the intensity of its attacks on Iran. The rise in oil prices due to the escalation of conflict causes aviation fuel and gasoline prices in the US to increase, as well as the prices of basic commodities, thereby driving inflation. Consequently, these dynamics are also influenced by US political policy. The condition of high fuel prices and rising inflation is suspected to be used as a weapon by the Democratic Party to confront the Donald Trump administration in the upcoming midterm elections in November 2026. The US is currently conducting socialisation, lobbying, and campaigning ahead of the congressional elections at the end of this year.