Gold Prices Rebound as Analysts Warn of Global Interest Rate Pressure
After trending downward over the past month, global gold prices are now extending their gains in Wednesday’s (May 6) trading session, supported by easing geopolitical tensions in the Middle East that have also pressured energy prices and inflation concerns.
According to Bloomberg, as of 12:48 PM WIB on Wednesday (May 6, 2026), spot gold stood at US$4,651.02 per troy ounce, up 2.06% from the previous day. Since the beginning of the year, spot gold has risen 7.68%.
In line with global gains, certified gold bullion prices at Logam Mulia PT Aneka Tambang (ANTM) increased by Rp30,000 per gram, from Rp2,760,000 to Rp2,790,000 per gram.
This uptick comes after signs of de-escalation in the Middle East conflict. U.S. Defense Secretary Pete Hegseth stated that the ceasefire, which has lasted nearly a month, remains intact.
Similarly, U.S. Secretary of State Marco Rubio confirmed that offensive operations have ended. The U.S. government is now shifting its focus to securing shipping lanes in the Strait of Hormuz. Meanwhile, former U.S. President Donald Trump also announced a temporary pause in efforts to assist affected vessels in the region.
Looking back, gold prices had weakened over the past month, even falling to US$4,516 per troy ounce on Monday morning (May 5).
Sutopo Widodo, President Commissioner of HFX International Berjangka, explained that the recent decline in gold prices was driven by a strong negative correlation with the surge in U.S. 10-year Treasury yields and the strengthening U.S. dollar.
Although tensions in the Strait of Hormuz typically boost safe-haven demand, the spike in oil prices—reaching US$114 per barrel—created new inflation expectations, prompting central banks to maintain higher interest rates for longer.
“This condition increases the opportunity cost of holding non-yielding assets like gold, leading investors to shift toward more liquid and profitable short-term instruments,” Sutopo told Kontan on Tuesday (May 5, 2026).
From a technical perspective, Sutopo noted that the current gold rally is undergoing a fairly deep secondary correction phase after reaching its peak in February. The worst-case scenario this year could see spot gold testing its key support level around US$4,100, particularly if inflation remains persistent and the Federal Reserve implements additional rate hikes.
For Antam gold prices, the global weakness has been gradually absorbed in the domestic market, with potential downside toward Rp2,500,000 – Rp2,600,000 per gram if negative global sentiment continues without significant rupiah depreciation.
Therefore, Sutopo recommends that investors reassess their investment horizon.
“If your focus is long-term, holding positions remains relevant as a hedge against geopolitical risks that have not fully subsided,” he added.
However, for investors looking to enter the market, a gradual accumulation strategy (buy on weakness) is advised to achieve a more competitive average price amid high volatility.
He also noted that cut-loss strategies are more suitable for short-term traders, as gold prices in the remainder of 2026 are expected to move in a consolidation range of US$4,300 – US$4,800, pending clarity on global monetary policy.
Meanwhile, Antam gold prices are projected to move within Rp2,700,000 – Rp2,800,000 per gram, depending on rupiah exchange rate fluctuations.
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