Jakarta, en.SERU.co.id – Global gold prices tumbled more than 2% in Monday trading (March 23, 2026), hitting the lowest level in nearly four months. The decline came amid escalating Middle East conflict driving a stronger US dollar, temporarily diminishing gold’s allure as a safe-haven asset and triggering sell-offs.
According to Reuters, spot gold dropped 2.7% to US$4,366.94 per troy ounce as of 11:32 WIB. This extended a nine-session losing streak. US gold futures for April 2026 delivery fell even sharper, down 4.5% to US$4,369.90 per troy ounce.
The pressure stems from heightened tensions in the Middle East, particularly between Iran and the US-Israel coalition, now in its fourth week. Closure of the Strait of Hormuz has pushed oil prices toward US$100 per barrel.
The stronger dollar—fueled by higher energy costs and global dollar-denominated trade—further weighed on gold, as a firmer USD makes the metal more expensive for non-USD holders.
Price Outlook: Brace for More Correction
Commodity analyst Ibrahim Assuaibi predicts short-term pressure on gold will persist. The nearest support is at US$4,423.06 per ounce; a break could drag domestic prices to around Rp2,840,000 per gram.
“However, rebound chances remain. If it strengthens, first resistance is US$4,559.86 per ounce, potentially lifting local gold to Rp2,920,000 per gram. Continued momentum could test US$4,681.50, nearing Rp2,980,000 per gram,” Ibrahim said on Monday (March 23, 2026).
Today’s Antam Gold Prices (March 23, 2026)
- 0.5 gram: Rp1,471,500
- 1 gram: Rp2,843,000
- 2 gram: Rp5,626,000
- 3 gram: Rp8,414,000
- 5 gram: Rp13,990,000
- 10 gram: Rp27,925,000
- 25 gram: Rp69,687,000
- 50 gram: Rp139,295,000
- 100 gram: Rp278,512,000
- 250 gram: Rp696,015,000
- 500 gram: Rp1,391,820,000
- 1,000 gram: Rp2,783,600,000
Safe Haven Loses to Monetary Factors
CORE Indonesia economist Yusuf Rendy Manilet argues the current drop is more driven by monetary factors than geopolitics. Rising bond yields increase the opportunity cost of holding non-yielding gold.
“This doesn’t mean gold has lost its safe-haven status—it’s just being outshone by interest-bearing assets amid high-rate expectations. Safe-haven demand exists but isn’t dominant short-term,” he noted.
Long-term, gold’s outlook remains solid, supported by central bank and institutional buying. The weakness is viewed as a correction phase, not the start of a prolonged downtrend. (aan/rhd)
