Will Gold Prices Continue to Rise? Here are Predictions and Driving Factors

Gold prices showed positive momentum in early July 2026 after recording their first weekly gain in five weeks.

On Monday, July 6, 2026, the price of 1 gram of Antam gold was priced at IDR 2,670,000, while the world gold price was traded at around $4,187 per troy ounce.

The increase was driven by weaker-than-expected US employment data and increased demand from global central banks.

With various influencing factors, analysts predict that gold prices still have the potential to continue strengthening in July 2026.

Key Points

• Antam gold prices on July 6, 2026, were stable at Rp2,670,000 per gram, while world gold prices approached $4,187 per troy ounce after a weekly increase of 2.2%.

• Weak US employment data (57,000 new jobs vs. expectations of 110,000) lowered expectations of a Fed rate hike.

• The gold price prediction for July 2026 is expected to move in the support range of $4,000-$4,100 to resistance of $4,248-$4,348 per troy ounce, with Antam's projected price at Rp2.55 million-Rp2.78 million per gram.

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Gold Price Movement Today, July 6, 2026

Source: Logammulia

Based on data from Logam Mulia, the price of 1 gram of Antam gold today was recorded at IDR 2,670,000 per gram, unchanged compared to the previous trading day.

Antam's gold buyback price also remained at Rp2,429,000 per gram.

Meanwhile, the world gold price (spot) was at $4,187.29 per troy ounce, up 0.3% and approaching the psychological level of $4,200.

The rise in global gold prices occurred after the precious metal recorded a weekly increase of 2.2% last week, ending a four-week downward trend.

The nearest support level is at $4,100-$4,000, while the main resistance is at $4,248-$4,348.

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Factors Driving the Rise in Gold Prices

Several key factors driving the strengthening of gold prices in early July 2026:

1. Weak US Employment Data

The US nonfarm payrolls (NFP) report reported only 57,000 jobs added in June, well below expectations of 110,000. This lowered market expectations for a Fed interest rate hike, which was a positive sentiment for gold.

2. Weakening of the US Dollar

The US dollar posted its biggest weekly decline since April, while the 10-year US Treasury yield remained around 4.5%.

3. Global Central Bank Purchases

World Gold Council (WGC) data shows that global central banks made net gold purchases of 41 tonnes in May 2026, the second highest since early 2026. China's central bank purchased 10 tonnes, Uzbekistan 9 tonnes, Kazakhstan 7 tonnes, and Singapore 4 tonnes.

4. WGC Survey

Eighty-nine percent of central banks surveyed expect global gold reserves to continue to rise in the next 12 months, while 45 percent said their central banks plan to increase gold holdings.

5. Geopolitical Dynamics

Following the US-Iran memorandum of understanding, the Strait of Hormuz has become increasingly congested and there has been an oversupply of crude oil. This has reduced inflationary pressures and opened the door to interest rate cuts.

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Gold Price Prediction for July 2026

Analysts project gold price movements in July with several scenarios:

Bullish Scenario:

- If gold price breaks through $4,248 accompanied by strong volume, the next target is at $4,348

- The price of Antam gold has the potential to reach IDR 2.78 million per gram

- Catalyst: a change in the Fed's stance to a more dovish one or increased geopolitical tensions

Bearish Scenario:

- First support at $4,100, second support at $4,000

- Antam's price has the potential to be corrected to IDR 2.65 million - IDR 2.55 million per gram

- Risk: stronger-than-expected US economic data raises expectations of monetary tightening

Main Projections:

According to commodity observer Ibrahim Assuaibi, next week the price of gold is predicted to move in the range of IDR 2.55 million to IDR 2.78 million per gram, with the first resistance level at US$4,248 and the second resistance at US$4,348 per troy ounce.

JPMorgan revised its end-2026 gold price target from US$6,000 to US$4,500 per troy ounce, with projections for the third quarter at US$4,300 and the fourth quarter at US$4,500.

However, JPMorgan maintains a long-term positive outlook, predicting gold will resume its upward trajectory starting in 2027.

Conclusion

Gold prices show potential for strengthening in July 2026, supported by weak US economic data, a weakening dollar, and strong central bank demand.

However, volatility remains high with risks from the Fed's monetary policy and geopolitical dynamics.

Investors are advised to pay attention to the support levels of $4,000-$4,100 and resistance levels of $4,248-$4,348 as entry and exit guidelines, and to diversify their portfolios wisely.

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FAQ

What is the price of Antam gold today, July 6, 2026?

Rp2,670,000 per gram, unchanged from the previous trade.

What is the world gold price today?

$4,187.29 per troy ounce, up 0.3% in the last 24 hours.

Why did gold prices rise in early July 2026?

Driven by weak US employment data, a weakening dollar, and global central bank buying.

What is the gold price prediction for July 2026?

Moving at Rp2.55 million-Rp2.78 million per gram with support levels of $4,000-$4,100 and resistance of $4,248-$4,348.

Are central banks still buying gold?

Yes, global central banks bought 41 tons of gold in May 2026.

What is the gold price target for the end of 2026?

JPMorgan projects $4,500 per troy ounce by the end of 2026.