Global gold prices projected to reach USD 5,000 per troy ounce

Global gold prices are projected to rise significantly, with money market analyst Ibrahim Assuaibi predicting prices could reach USD 5,000 per troy ounce by the third quarter. If this target is met, local precious metal prices in Indonesia may exceed Rp3 million per gram.

Several geopolitical and economic factors are driving this outlook. Geopolitical tensions in the Middle East, specifically regarding the control of the Strait of Hormuz, are cited as primary drivers. Additionally, a potential decrease in crude oil prices could lead global investors to shift funds away from the US dollar and oil toward gold as a safe-haven asset.

Assuaibi expects crude oil prices to fluctuate between USD 65.70 and USD 83.30 per barrel in the coming week. If oil prices drop below USD 60 per barrel, it could further alleviate inflationary pressures in the United States, reinforcing the trend toward gold.