INVESTMENT.RAKCER.ID – Gold prices declined in trading from late January to early February 2026 after having surged sharply over the past few months.
The decline occurred as gold prices began entering an overbought phase, indicating market saturation.
In the international market, global gold prices today also showed volatile movements. Spot gold prices were still up 75.13 percent year-on-year, reaching US$4,894.23 per troy ounce.
However, on a daily basis, gold prices actually weakened by 8.98 percent. Previously, on Thursday morning (January 29, 2026), global gold briefly hit a record high, approaching US$5,600 per troy ounce, before closing at US$5,375.24 per troy ounce.
Economist Yanuar Rizky from Bright Institute believes the current decline in gold prices is closely linked to market conditions that have entered an overbought zone.
“Gold prices are already at overbought levels. However, on the other hand, central banks are still continuing to purchase gold,” Yanuar said as quoted by investment.rakcer.id early February 2026.
He explained that from the derivatives market perspective, short signals have begun to emerge in gold futures contracts, particularly from gold-based ETFs managed by hedge funds.
These signals indicate profit-taking activities following the aggressive price surge.
However, this condition contrasts with the actions of global central banks, which continue to increase their gold reserves as a hedging strategy amid rising risks of global sovereign debt defaults.
Yanuar believes that gold prospects remain fairly solid in the medium term.
“Volatility may increase due to ETF positioning. But structurally, gold prices are likely to remain high because central banks continue to be the main pillar of demand,” he concluded.
Meanwhile, Ibrahim Assuaibi, an observer of economics, currencies, and commodities, projects that global gold prices could soar to US$6,500 per troy ounce this year, while Antam gold prices could potentially reach Rp4.2 million per gram.
“I have now raised that projection to Rp4.2 million per gram in 2026,” Ibrahim said to media.
The strengthening of gold prices has been driven by several global factors, including escalating geopolitical tensions in the Middle East, the Russia–Ukraine conflict, and rising tensions in East Asia.
These conditions have made gold increasingly attractive as a safe-haven asset for global investors.
In addition, the resurgence of trade wars between the United States (US) and the European Union, China, South Korea, and Japan has put pressure on the US dollar.
The weakening US dollar—currently at its lowest level in nearly four years—has made gold cheaper for holders of other currencies, thereby boosting global demand.
On the other hand, changes in leadership at the US Federal Reserve (The Fed) in 2026 have also opened the possibility of more aggressive cuts to benchmark interest rates.
Lower interest rates and a weaker US dollar serve as positive catalysts for gold prices, as gold does not offer interest yields and therefore tends to rise when interest rates are low.