Global Gold Prices Surge Following US and Israeli Strikes on Iran
Global gold prices have surged following major military strikes launched by the United States and Israel against Iranian territory on Saturday, 28 February 2026. The escalating tensions have prompted retaliatory actions from Tehran, targeting Israeli territory and US military installations in the region.
The strengthening of gold prices in global markets has also been driven by the failure of diplomatic talks between US and Iranian delegations in Geneva, Switzerland, regarding Iran’s nuclear reactor programme and missile development.
The situation has become increasingly complex, with ongoing conflicts in Afghanistan and Pakistan, as well as the potential involvement of allied nations including the United States, China, and Russia.
On a weekly basis, gold prices have risen 3.12 percent. Global gold prices since Friday, 27 February 2026 have stood at $5,277.29 per troy ounce, up 1.74 percent from previous trading sessions.
Domestically, prices of gold bars produced by PT Aneka Tambang Tbk (Antam) have also increased. According to official Logam Mulia data on Saturday, 28 February 2026, Antam’s 1-gram gold bars have reached IDR 3,085,000, an increase of IDR 40,000 compared to the previous price of IDR 3,045,000 per gram.
Economic observer Ibrahim Assuaibi has noted that geopolitical uncertainty serves as the primary catalyst for the strengthening of gold prices as a safe-haven asset.
In a weekly scenario, global gold prices could fall to the range of $5,200 per troy ounce, with gold bars around IDR 3,000,000 per gram. However, prospects for appreciation are estimated to be considerably higher.
Assuaibi estimates the first resistance level for global gold at $5,365 per troy ounce, with gold bars potentially reaching IDR 3,150,000 per gram.
In the coming week, global gold prices could even reach $5,500 per troy ounce, with gold bars at IDR 3,400,000 per gram. Assuaibi stated that this could mark a new chapter in Middle Eastern conflict in March 2026, with consequences likely including higher gold prices, increased precious metal values, and a weaker rupiah. If crude oil prices also rise, this will have cascading effects on related commodities.