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Gold prospects remain stagnant, silver more aggressive but riskier

Short- to medium-term gold price prospects are still expected to be stagnant amid the strengthening of the US dollar (AS) and high global uncertainty.

According to Trading Economics data on Wednesday (29/4) at 3:55 PM WIB, gold prices fell 0.46% to US$ 4,575 per troy ounce. Meanwhile, silver weakened 0.21% to US$ 72.88 per troy ounce.

This decline continues the previous downward trend, where gold briefly dropped about 2% and silver plummeted 3%, reaching the lowest level since late March 2026.

PT Finex Business Solutions Future analyst, Brahmantya Himawan, assesses that pressure on gold will continue as long as global inflation remains high and the US Federal Reserve has not signaled monetary policy easing.

"As long as oil prices stay high due to geopolitical tensions and global energy distribution remains disrupted, inflationary pressures could persist. This could keep the Federal Reserve cautious in cutting interest rates," Bram told Kontan on Wednesday (29/4/2026).

This condition has the potential to maintain the strength of the US dollar, ultimately limiting the room for gold prices to rise as a safe haven asset (safe haven).

Meanwhile, silver is expected to have higher volatility compared to gold. "Besides following safe haven sentiment, silver also has industrial demand components, so if the global economy improves, silver's upside could be more aggressive than gold, but the risks are also higher," Bram said.

For May 2026, Bram projects gold prices to move in the range of US$ 4,400 to US$ 4,500 per troy ounce. Meanwhile, silver prices are expected to be in the range of US$ 66 to US$ 71 per ounce.

Both are expected to move sideways with high volatility as market players await clarity on US interest rate policy and global geopolitical developments.

From a strategic perspective, investors are advised to remain selective in making decisions. For medium- to long-term, current price corrections are considered increasingly attractive for gradual accumulation, especially in gold.

"For medium- to long-term investors, this correction is becoming attractive for gradual accumulation, particularly in gold as a hedge," Bram said.

However, for the short term, investors should wait for market direction confirmation after the US central bank's decision is announced, as volatility remains high.

He emphasized that gold is currently at a crossroads between geopolitical factors and the strength of the US dollar.

"As long as the Fed remains hawkish and oil prices stay high, the gold rally is unlikely to run smoothly," he concluded.