PT Rifan Financindo – Global gold prices weakened during Thursday’s trading session (October 22, 2026), following a gain in the previous session amid growing concerns over global inflation. Spot gold (XAU/USD) fell 0.4% to US$4,123.39 per troy ounce as of 06:36 WIB, reversing a 0.4% rise that had previously snapped a three-day losing streak. This decline comes as escalating geopolitical tensions in the Middle East push global oil prices higher, fueling fears regarding inflation in the United States (US). Market sentiment took a further hit after the US State Department ordered non-emergency government personnel and their families to leave Saudi Arabia, while a drone attack on a Saudi Aramco oil field reportedly resulted in two fatalities.
Pressure on gold has intensified as US government bond yields climbed, with the two-year Treasury yield reaching a one-week high. Rising yields enhance the appeal of interest-bearing investments, thereby diminishing the attractiveness of gold, which generates no interest income. Since the onset of the US-Iran conflict in late February, gold has reportedly lost approximately 20% of its value, as a surge in energy prices has exacerbated global inflationary pressures. Meanwhile, US economic data are beginning to show signs of a slowdown; new home construction declined in September, and pending home sales hit a record low. This situation leaves the Federal Reserve facing a dilemma: balancing the need to maintain inflation stability with the goal of supporting economic growth.
Investors are now looking ahead to the Federal Reserve’s monetary policy meeting scheduled for October 27–28, 2026. The market anticipates that the central bank will hold interest rates steady, with the probability of a 25-basis-point hike currently standing at less than 17%. However, with U.S. inflation still exceeding the 2% target and energy prices remaining high, market participants continue to anticipate the possibility of an interest rate hike in December. Meanwhile, other precious metals have also come under pressure; the price of silver fell 0.7% to US$57.54 per troy ounce, followed by declines in platinum and palladium. Looking ahead, the trajectory of gold is expected to remain dependent on developments in the Middle East conflict, oil price movements, Treasury yields, and policy signals from the Federal Reserve.
Harga emas dunia berbalik menguat pada perdagangan Rabu (21/10/2026), didukung pelemahan dolar Amerika Serikat (AS) dan harga minyak dunia yang berbalik turun setelah sebelumnya sempat menguat. Harga emas spot (XAU/USD) naik sekitar 0,43% menjadi US$4.132 per troy ounce pada perdagangan malam, setelah bergerak dalam kisaran US$4.106 hingga US$4.142. Sementara itu, kontrak emas berjangka terdekat di New York ditutup naik 0,2% menjadi US$4.130,50 per troy ounce. Penguatan ini terjadi ketika meredanya harga energi membantu mengurangi kekhawatiran investor terhadap tekanan inflasi, sekaligus memberikan ruang bagi emas untuk pulih dari pelemahan sebelumnya.
Analis XS.com, Antonio Di Giacomo, menilai tingginya harga minyak menjadi salah satu faktor utama yang menekan emas karena meningkatkan risiko inflasi dan memperkuat ekspektasi kebijakan moneter ketat. Meskipun inflasi dapat meningkatkan permintaan terhadap emas sebagai instrumen pelindung nilai kekayaan, kondisi tersebut juga berpotensi mendorong bank sentral mempertahankan suku bunga tinggi. Situasi ini membuat emas menghadapi tekanan karena tidak memberikan imbal hasil bunga, sementara instrumen seperti obligasi menjadi relatif lebih menarik bagi investor.
Di sisi lain, penguatan emas belum diikuti oleh seluruh logam mulia. Harga perak justru ditutup melemah 0,5% menjadi US$57,422 per troy ounce, mencerminkan perbedaan respons investor terhadap kondisi pasar. Pelaku pasar kini mencermati perkembangan harga minyak, pergerakan dolar AS, serta arah kebijakan suku bunga Federal Reserve menjelang pertemuan pada 27–28 Oktober 2026. Apabila tekanan inflasi mereda dan dolar AS melanjutkan pelemahan, emas berpeluang mempertahankan momentum penguatan. Namun, ekspektasi suku bunga tinggi masih menjadi tantangan bagi pemulihan harga secara berkelanjutan.(mrv)* PT Rifan Financindo.
Sumber : NewsMaker