Global Gold Price Recovers 2% as Oil Corrects, Goldman Sachs Optimistic to Reach This Level
The global gold price has recovered alongside the decline in global oil prices, as it alleviates market concerns over prolonged inflation pressures. This sentiment emerges amid reports that the United States (US) is pursuing a peace proposal to Iran to end the conflict in the Middle East.
The spot gold price was recorded to rise nearly 2% to US$4,551.50, equivalent to Rp76.65 million (estimated exchange rate of Rp16,840 per US dollar) per troy ounce during Wednesday’s trading session, 25 March 2026. Meanwhile, gold futures for April delivery surged more than 3% to US$4,565.60, or approximately Rp76.89 per troy ounce.
The strengthening of gold occurs as energy market tensions ease. Oil prices, which had previously surged due to regional conflicts, began to correct, thereby reducing concerns over global inflation that had been driving market volatility.
US President Donald Trump claimed that his country is negotiating with Iran. He even stated that Tehran is showing positive signals for reaching a peace agreement.
“They are talking to us, and they are talking sensibly,” Trump said in his statement from the Oval Office, quoted from CNBC International, Thursday, 26 March 2026.
Trump also decided to hold back plans for an attack on Iran’s energy infrastructure due to the negotiation process. “I have decided to back off from the threat of attack because of the fact that we are negotiating,” he said.
However, Iran dismissed the existence of peace discussions with Washington.
“As we have always said… there will be no deal with you. Not now. Never,” emphasised Iran’s military spokesperson, Ebrahim Zolfaqari.
The Tehran government confirmed it would continue to keep the Strait of Hormuz open to non-hostile vessels. This route is a vital pathway for global oil shipments that had been disrupted for nearly four weeks since the conflict erupted.
“Non-hostile vessels not involved in aggressive operations against Iran and complying with safety rules may pass safely through the Strait of Hormuz,” the Iranian government wrote in its official statement.
Co-head of Global Commodities Research at Goldman Sachs, Daan Struyven, said that rising interest rate expectations and market volatility were the main factors pressuring gold prices previously.
He added that the rise in interest rate expectations also pressured investor demand, particularly through gold-based ETFs that are highly sensitive to interest rate changes.