Global Gold Prices Plunge, What About Domestic Precious Metal Prices This Week?
JAKARTA, KOMPAS.com - Precious metal prices in the domestic market are projected to move fluctuantly with a tendency to remain below the psychological level of Rp 3 million per gram at the start of this week, on Monday (23/3/2026).
At the close of trading on Saturday (21/3/2026), global gold prices corrected to the level of $4,497.37 per troy ounce. In line with that, precious metal prices in the domestic market also weakened and closed in the range of Rp 2,893,000 per gram.
Money and commodity market analyst, Ibrahim Assuaibi, assesses that the direction of gold’s movement this week will still be determined by ongoing correction pressures.
If the weakening continues in Monday’s trading, the first support level is at $4,423.06 per troy ounce, with precious metal prices potentially dropping to Rp 2,840,000 per gram.
“If there is a correction in Monday’s transactions, the first support is at $4,423.06 per troy ounce. For precious metals, that is at Rp 2,840,000 per gram,” said Ibrahim to reporters on Sunday night (22/3/2026).
“But if gold prices then experience a strengthening, that is, at the first resistance of $4,559.86, precious metals are likely to be traded at Rp 2,920,000 per gram,” he explained.
If the strengthening momentum continues, global gold has the potential to test the second resistance at $4,681.50 per troy ounce. This increase could push precious metal prices closer to Rp 2,980,000 per gram.
Although facing pressure in the short term, Ibrahim remains optimistic that the medium-term trend for gold is still bullish. He views the current weakening as more of a technical correction while awaiting new catalysts in the global market.
On the other hand, the movement of the US dollar index will also be an important factor influencing gold prices. Ibrahim estimates the dollar index will move in the range of support at 98.73 and resistance at 101.20.
“Then I also see that the dollar index is likely to be traded at its support of 98.73, and the resistance is at 101.20. So in next week’s transactions, the dollar index is likely to strengthen again towards 101.20. So not weakening to 98.73,” he emphasised.