Gold Prices Continue to be Pressured by US Dollar Strength

JAKARTA - Gold prices continue to be pressured amid rising energy prices due to geopolitical conflicts. Commodity and currency analyst at Doo Financial Futures, Lukman Leong, stated that the factor pressuring gold prices is the strengthening US dollar caused by the rise in global oil prices. “This leads to increased inflation and interest rates,” he told Kompas.com on Monday (30/3/2026). He added that this recent development has changed the outlook for the US Federal Reserve’s benchmark interest rates, previously expected to cut rates two to three times this year, now potentially facing one increase. “Gold prices are expected to struggle to rise, although the pressure may have eased,” he added. According to Lukman, inflation data in the coming months will prompt central banks to raise interest rates. “Nevertheless, gold is expected to start rising again by the end of the year and continue its long-term upward trend,” he stated. Quoted from Mining.com on Monday (30/3/2026), in recent times, gold has even fallen around 15 percent in one month, reflecting increased market volatility. This pressure occurs as markets consider the direction of US monetary policy amid still relatively high inflation. This situation reduces the attractiveness of gold as a non-yielding asset. Based on the latest data update on the Sahabat Pegadaian website, the price of Galeri 24 gold for 1 gram is at Rp2,806,000 per gram, down Rp12,000 from the previous Rp2,818,000 per gram. Meanwhile, the price of UBS gold for 1 gram also fell Rp13,000 to Rp2,819,000 per gram from the previous Rp2,832,000 per gram. The price of Antam gold at Logam Mulia for a 1-gram piece dropped from Rp2,837,000 (morning) to Rp2,807,000 (afternoon), or a correction of Rp30,000 per gram.