Jakarta. Spot gold rose to around $4,562 per ounce on Tuesday morning, supported by a softer US dollar even as bond yields and inflation concerns linked to Middle East tensions continued to cap gains in global bullion markets.

In Indonesia, Aneka Tambang's gold prices jumped Rp 25,000 to Rp 2,789,000 per gram on May 19, 2026, a sharp rebound after a volatile start to the week. The buyback price also climbed Rp 25,000 to Rp 2,594,000 per gram.

The local rally followed a weak prior session, when Antam gold slipped Rp 5,000 to Rp 2,764,000 per gram, and a sharper decline on May 16, when prices fell Rp 50,000 to Rp 2,769,000 per gram. Despite recent volatility, Antam gold remains up about 12% year-to-date, rising from Rp 2,488,000 at the start of 2026. The all-time high, at Rp 3,168,000 per gram, was reached in late January.

Globally, gold has been in a corrective phase this year, down roughly 16% from its January peak of $5,589 per ounce. The latest recovery reflects a softer dollar, which eased 0.3% against major currencies, improving affordability for non-dollar buyers.

However, upside momentum remains constrained by rising real yields and oil-driven inflation risks, which have reinforced expectations that major central banks will maintain a restrictive policy stance for longer. Crude price volatility tied to geopolitical tensions in the Middle East has also added to inflation uncertainty, limiting conviction in bullion direction.

Despite the correction, underlying demand signals remain firm. According to the World Gold Council, total gold demand in Q1 2026 reached 1,231 tonnes, valued at a record $193 billion, up 74% year-on-year. Investment demand remained strong, with bar and coin purchases rising 42% to 474 tonnes, the second-highest quarterly level on record. Central banks also continued to accumulate reserves, purchasing a net 244 tonnes during the quarter, above both the five-year average and the previous year’s level.

Forecasts remain broadly constructive. J.P. Morgan expects gold to average about $5,055 an ounce in Q4 2026, with prices trending toward $5,400 by 2027. TD Securities projects a 2026 average of $4,831, while the London Bullion Market Association consensus places next year’s average near $4,742.

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