Gold Prices Have Surged About 19% This Year; Is the Uptrend Still Solid?

Global gold price momentum remains solid, even though at the close of U.S. trading on Thursday (5 March 2026) — or Friday morning WIB — it came under pressure as bond yields and the U.S. dollar rose. According to Reuters, spot gold fell 1.2% to $5,076.59 per troy ounce, after briefly rising to $5,194.59 in the previous session. Meanwhile, the U.S. gold futures contract for April delivery closed down 1.1% at $5,078.70 per troy ounce.

‘Gold has risen significantly by around 19% year-to-date. The rise reflects that the geopolitical risk premium—from issues in Venezuela to the Middle East—has largely been priced in,’ said the KISI analysts when contacted by Kompas.com on Friday night.

In the longer term, the uptrend in gold prices is considered strong. The precious metal is supported by fundamental factors such as geopolitical uncertainty, expectations of changes in policy rates, and rising investor demand for safe-haven assets.

However, in the near term, gold price movements often undergo corrections or consolidation after a fairly lengthy rally.

When signals arise that geopolitical tensions could ease—for example through diplomacy or de-escalation in the Middle East, such as discussions involving Iran—some investors usually take advantage of the momentum to realise gains.

‘Over the long term, the gold uptrend remains very solid. Yet in the near term, hopes for conflict resolution or de-escalation (such as potential diplomacy with Iran) trigger profit-taking. Gold is currently searching for a new equilibrium after a long rally since the start of the year,’ the analyst team said.