Gold Price Projections for Next Week
Ibrahim Assuaibi, Director of PT Traze Andalan Futures, estimates that gold prices could strengthen to Rp 2,690,000 per gram in next week’s trading. “If global gold strengthens at the second resistance level of US$ 2,448 per troy ounce, then the precious metal could reach Rp 2,780,000 per gram,” said Ibrahim on Sunday, 5 July 2026.
This implies that gold prices next week are expected to continue the upward trend from the closing price on Friday, 3 July 2026, which stood at Rp 2,670,000 per gram.
Should a correction occur, Ibrahim predicts gold prices could fall to Rp 2,650,000 per gram in next week’s trading. “If it corrects again, the second support level is at US$ 2,400 per troy ounce, which would bring the precious metal to Rp 2,550,000 per gram,” he noted.
Based on his analysis, Ibrahim identified three factors influencing gold price movements next week. The first factor is the geopolitical situation in the Middle East.
Ibrahim stated that following the signing of a memorandum of understanding between the United States and Iran to end the war, the Strait of Hormuz—a vital trade route—is expected to return to smooth operations. This will result in a global oil surplus, increasing supply from 100 million barrels per day to 10 per day. Consequently, commodity prices will continue to experience significant declines, a situation that has the potential to drive up gold prices.
The second factor is the policy of the United States Central Bank. Ibrahim noted that internal conditions, such as unemployment figures and plummeting global oil prices, will cause inflation to continue falling towards 2 per cent. This condition could lead the Central Bank to refrain from raising benchmark interest rates, opting instead to “simply maintain interest rates.”
According to Ibrahim, this Federal Reserve policy has the potential to trigger a surge in gold prices. He even predicts that gold prices could rocket to US$ 2,500 per troy ounce by the end of the year.
The final factor involves supply and demand dynamics. Ibrahim explained that global central banks increased bullion purchases by 41 tonnes in May. China recorded an addition of 10 tonnes in May, bringing its total to 2,331 tonnes. Uzbekistan also increased its stocks to approximately 33 tonnes of gold bullion, while Kazakhstan saw its gold stocks rise to 361 tonnes.
This means, according to Ibrahim, that the recent weakness in gold prices has provided an opportunity for global central banks to continue purchasing the commodity. He believes they anticipate gold prices will surge if the Strait of Hormuz reopens and global oil prices decline.