Iran-Israel Conflict Escalates: Gold Price Poised to Breach Rp3.4 Million per Gram
Gold and precious metals prices are predicted to strengthen further following Israel’s sudden announcement of military strikes against Iran on Saturday, 28 February 2026. Currency and commodity analyst Ibrahim Assuaibi predicts gold prices will surge, with potential to reach Rp3.4 million per gram.
Global gold prices closed at $5,280 per troy ounce on Saturday morning, 28 February 2026, whilst precious metals were positioned at Rp3.085 million per gram.
According to Ibrahim’s technical analysis, should global gold prices correct, the decline would be relatively modest, ranging approximately $5,200—$5,260 per troy ounce. Meanwhile, precious metals would move to Rp3 million—Rp3.045 million per gram if they experience a downturn.
“However, there is considerable likelihood that gold prices will surge next week. The first resistance level stands at $5,365 per troy ounce, then precious metals on Monday at Rp3.15 million per gram. That is quite remarkable,” Ibrahim stated on Saturday, 28 February 2026.
“Subsequently, within one week through Saturday morning, global gold prices are likely to close at $5,500 per troy ounce and precious metals prices at Rp3.4 million per gram,” he continued.
Ibrahim explained that the projection of rising gold prices is driven by several factors, particularly geopolitical tensions between the United States and Iran. Most recently, Israel and the United States conducted strikes against Iran today, creating increasingly heightened geopolitical tensions.
He noted that the US-Iran delegation meeting in Geneva on Thursday, 26 February 2026, failed to produce an agreement desired by US President Donald Trump. It was reported that a follow-up meeting next week would address technical matters.
Iran reportedly did not seek agreement in the previous meeting because discussions concerned not only nuclear reactors but also Iran’s missile capabilities. This was considered beyond the scope of understanding, resulting in the meeting’s failure.
“That is where Trump experienced considerable disappointment. So it is unsurprising that conflict between Israel and Iran has occurred today, and this is what triggers particular tensions in the Middle East,” he said.
Furthermore, Ibrahim continued, conditions in the region are reported to be increasingly volatile with conflicts involving Iran’s neighbouring countries. This situation is estimated to potentially trigger the involvement of Iran’s allied nations such as China and Russia, whilst Israel as the United States ally may continue to conduct strikes.
“This is the beginning of a new chapter of war in March 2026 occurring in the Middle East. Its impact is quite extraordinary; gold prices are likely to rise, precious metals are likely to rise, the rupiah is likely to weaken. If crude oil prices rise, this will also impact derivative sectors,” he explained.