Jakarta. Global gold prices are expected to continue their upward momentum, with analysts predicting the precious metal could hit a new record of $3,700 per troy ounce this week. Investors are piling into gold as expectations grow that the US Federal Reserve will cut interest rates, while the metal’s role as a safe-haven asset remains strong.

Andy Nugraha, an analyst at Dupoin Futures Indonesia, said the current bullish trend is being fueled by soft US economic data, including weaker jobless claims and a cooling Producer Price Index (PPI). These factors have strengthened speculation that the Fed will lower rates by 25 basis points at its upcoming policy meeting.

“If the bullish momentum holds, gold could advance toward $3,700 next week. This level is the key target for market participants as the US dollar weakens and bond yields decline,” Andy noted in a research report on Sunday.

The Fed is scheduled to meet on September 16–17, with investors closely watching the outcome. Following weaker-than-expected US job creation figures, markets broadly expect the central bank to proceed with another rate cut.

Andy cautioned, however, that US inflation data could alter the outlook. “If inflation comes in higher than expected, the Fed may be more cautious in cutting rates. As a result, the US dollar could strengthen again, putting pressure on gold prices,” he said.

Despite this risk, Andy stressed that technical indicators still point to a sustained bullish trend for gold.

According to Bloomberg, international gold stood at $3,643 per troy ounce on September 12, close to its previous record high of $3,646.

In Indonesia, Antam’s benchmark gold price also hit a new record on Sunday, climbing to Rp 2,095,000 ($127.7) per gram.