Gold Prices Continue to Tumble, Only Trump Can Save the Day
Jakarta - Gold and silver prices continued to weaken, touching one-month lows. Gold fell after the United States Federal Reserve maintained interest rates as expected, while markets worried about inflation due to the war in the Middle East.
According to Refinitiv, gold closed at US$4,541.75 per troy ounce on Wednesday (29/4/2026), down 1.14%. Gold has fallen for three consecutive days, weakening by 3.55%.
Gold prices began to improve today. On Thursday (30/4/2026) at 06:34 WIB, gold rose 0.22% to US$4,551.59 per troy ounce.
The Fed did hold interest rates, but it was the most divided decision since 1992.
The central bank highlighted growing concerns over inflation. Three officials even dissented from the statement because they did not want to signal a bias towards rate cuts.
According to metals trader Tai Wong, this divergence put pressure on gold prices. Market participants now expect the Fed not to cut rates this year or next.
“The dissenting votes from officials who wanted to remove the easing bias from the policy statement pressured gold prices,” said independent metals trader Tai Wong, quoted from Reuters.
After the Federal Reserve’s decision, market participants continue to bet that interest rates will not be cut this year or in the near term. Inflation concerns have resurfaced as global oil prices remain above US$100 per barrel due to US-backed conflicts against Iran.
“Only Donald Trump and Iran can save the market, but neither side is close to an agreement, and oil prices reflect that. In this situation, gold’s outlook does not look too bright,” said market analyst at City Index and FOREX.com, Fawad Razaqzada.
Inflation concerns are rising as global oil prices hold above US$100 per barrel due to the US-backed conflict against Iran.
Meanwhile, the World Gold Council reported that global gold demand rose 2% year-on-year in the first quarter of 2026, driven by a surge in bar and coin purchases and increased central bank buying, although jewellery demand fell 23%.