What Could Drive Gold Prices Higher Next Week?

Global gold prices are expected to rise next week, according to Ibrahim Assuaibi, Director of PT Traze Andalan Futures. He predicts the global gold price to reach around US$4,493 per troy ounce by next week. Monday's support level is likely to be at US$4,405 per troy ounce, according to Ibrahim. On Sunday, August 9, 2026, the world gold price was recorded at US$4,343.43 per troy ounce.

The geopolitical situation in the Middle East, particularly the agreement between Iran and Oman to control the Strait of Hormuz, and the war between Russia and Ukraine, are key drivers of the rising gold price. Additionally, the Federal Reserve's interest rate policy plays a significant role in future gold price movements, especially if U.S. employment data shows a decline of 23,000 jobs.

The Federal Reserve is expected to keep interest rates unchanged in September. Ibrahim predicts that precious metal prices will range from Rp2,550,000 to Rp2,820,000 per gram in the coming week, with potential trading between Rp2,670,000 and Rp2,710,000 per gram on Monday. While gold prices may strengthen, the strengthening rupiah will limit gains.

Geraldo Kofit, an analyst at Dupoin Futures, also predicts that gold prices will stay at the support level of US$4,331 per troy ounce. If this level is broken, further strengthening is expected towards US$4,382 per troy ounce, which is the next resistance target. Geraldo believes that increasing demand for safe-haven assets and weakening global oil prices are supporting gold prices.

Lower energy prices can help alleviate some inflationary pressures, reinforcing expectations that the Federal Reserve may ease monetary policy if economic conditions weaken. Another factor contributing to gold price increases is the decline in U.S. Treasury yields, as falling yields make interest-bearing assets less attractive, leading investors to seek gold as an alternative investment.