March 10, 2026 | 05:52 pm
TEMPO.CO, Jakarta - World gold prices are expected to continue strengthening in trading on Tuesday, March 10, 2026. This increase is driven by escalating geopolitical tensions in the Middle East and a surge in energy prices that has triggered concerns across the global market.
Analyst from Dupoin Futures, Andy Nugraha, stated that the current movement of gold still shows a bullish trend, despite experiencing some pressure at the beginning of the week. "In previous trading, gold prices managed to partially cut losses but still remained more than 1.5 percent below the opening price," Andy was quoted as saying in a written statement on Tuesday, March 10, 2026.
He mentioned that the pressure emerged amid disruptions in oil shipments through the Strait of Hormuz, which triggered a surge in global crude oil prices. The price of West Texas Intermediate (WTI) crude oil has soared by more than 30 percent, approaching the level of US$113 per barrel.
According to him, this surge has a broad impact on the global commodity market, including gold. Currently, world gold prices are trading around US$5,090 per troy ounce.
Andy stated that from a technical perspective, the strengthening trend of gold remains quite solid. The combination of candlestick patterns and moving average indicators on the H1 timeframe indicates that buying interest still dominates the market despite high volatility. "The price structure that has formed indicates that the bullish momentum is still maintained," he said.
Based on Dupoin Futures' analysis, if the buying pressure continues, gold prices have the potential to rise toward the resistance area in the range of US$5,245 per troy ounce. This level is the nearest target the market may test in the near future.
However, the market also needs to be wary of the potential for corrections if the strengthening momentum weakens. In this scenario, the support area is estimated to be around US$5,126 per troy ounce.
From a fundamental perspective, the strengthening of gold is mainly supported by increased geopolitical risks in the Middle East. During the Asian trading session, gold prices were noted to have slightly strengthened to around US$5,140 per troy ounce.
The conflict in the region has now entered its 11th day. Military attacks continue to occur in several areas, including central Iran and Beirut. The situation is intensifying further after the Strait of Hormuz, which is vital for global energy trade, was reported to remain effectively closed. This route accounts for approximately one-fifth of global oil distribution.
The closure of this strategic route has also forced a number of oil producers in the Persian Gulf region, including Saudi Arabia, to reduce production. This condition has raised concerns about global energy supply and pushed investors toward safe-haven assets such as gold.
However, according to Andy, the potential for gold's rise is also overshadowed by the strengthening of the US dollar. The surge in oil prices has the potential to increase inflation and prompt the US central bank to maintain high interest rates for a longer period. This condition is usually less favorable for gold because the precious metal does not provide returns like interest-bearing instruments.
The US Dollar Index was noted to have risen by about 0.26 percent to the level of 99.11, marking its highest position in almost three months. The strengthening of the dollar has the potential to limit the rise in gold prices in the short term.
Furthermore, market participants are awaiting the release of inflation data from the United States through the February Consumer Price Index (CPI) report scheduled for Wednesday. Headline inflation is expected to reach 2.4 percent annually, while core inflation is projected to be around 2.5 percent.
Despite facing several restraining factors, Dupoin Futures believes that gold still has the opportunity to continue its strengthening trend in the short term amidst high global geopolitical uncertainty. "If the inflation data is higher than expected, the US dollar has the potential to strengthen further and may press down gold prices," Andy said.
Read: Global Oil Prices Spike to $115 per Barrel: Things to Know
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