Global Gold Prices Rebound! Recovering from One-Month Low
Jakarta – Global gold prices have rebounded after touching their lowest level in more than a month. The price increase was supported by a decline in the US dollar exchange rate and waning market optimism that the US Federal Reserve (The Fed) will cut interest rates in the near term.
The spot market price of gold rose 0.8% to US$2,356.82, or approximately Rp 39.9 million (based on an exchange rate estimate of Rp 16,930 per US dollar) per ounce at the close of trading on Thursday, 19 February 2026. In the previous trading session, the price of the yellow precious metal had plunged 3.7%.
KCM Trade analyst Tim Waterer explained that the weakening US dollar was the primary factor driving the gold price recovery. With the US dollar weakening, gold is seen as a cheaper asset for global investors.
“The dollar’s momentum is being held back today, giving gold room to start recovering, though still limited,” Waterer said, quoted from CNBC International on Friday, 20 March 2026.
In addition to gold, other precious metals also recorded significant increases. Silver rose 1.5% to US$26.52 per ounce, platinum strengthened 0.6% to US$932.25, and palladium added 1.2% to US$1,002.25 per ounce.
Although it has strengthened somewhat, gold prices have still faced pressure in recent weeks. Since the US-Israel attack on Iran on 28 February, gold prices have fallen more than 9%, pressured by the strengthening dollar, which has now become the primary safe-haven asset.
Waterer urged market participants to remain cautious, as the gold price increase is still overshadowed by expectations of US interest rate policy amid the US-Israel-Iran conflict. According to him, geopolitical tensions that have caused oil prices to surge could potentially pressure gold prices.
“The US dollar momentum has slowed today, which effectively allows gold to start recovering, albeit at a moderate pace,” Waterer continued.
Global oil prices briefly soared above US$110 per barrel after Iran attacked several energy facilities in the Middle East, following strikes on the South Pars gas field. This situation has triggered concerns about higher inflation.