Global Gold Prices Rise, Brace for a Plunge Next Month
Jakarta – Global gold prices are in the spotlight after recording a surge for the second consecutive session in trading on Monday, 30 March 2026. Behind this rise, the precious metal is projected to come under pressure again next month.
The spot gold price rose 1.6% to US$4,564 per ounce at 08:51 local time, after previously hitting its lowest point since November. Meanwhile, US gold futures for April delivery strengthened 1.5% to US$4,594 per ounce.
Kitco Metals senior analyst Jim Wyckoff assesses that the current strengthening of gold prices is more driven by unrelenting geopolitical uncertainty. The surge in gold prices is propelled by increased demand for safe-haven assets amid escalating conflicts in the Middle East.
“The war is still raging fiercely with no signs of resolution. This is pushing gold prices higher due to safe-haven demand. The market’s near-term focus will be on the war, crude oil prices, bond yields, and the US dollar index,” Wyckoff said, quoted from Kitco on Tuesday, 31 March 2026.
Currently, market participants are awaiting statements from Federal Reserve Chairman Jerome Powell and New York Fed President John Williams for clues on the next policy direction. According to Wyckoff, gold could plummet if the US central bank continues to hold interest rates steady.
“I think Powell will be cautious and try to remain neutral. However, if his comments lean hawkish, gold could face pressure. Conversely, if dovish, prices could strengthen again,” Wyckoff said.
In addition, investors are also monitoring the release of several key US economic data points this week, such as job openings data, retail sales, the ADP employment report, and nonfarm payrolls.
In other metals markets, the spot silver price rose 2.5% to US$71.36 per ounce. Platinum strengthened 3% to US$1,919.23, while palladium jumped 4.3% to US$1,436.56 per ounce.
War tensions are heating up after Iran launched missile strikes on Israel and vowed to punish the aggressor, followed by Israel bombing Tehran. The conflict is widening with the involvement of the Houthi group in Yemen, which is also driving up global oil prices.