Gold Awaits Inflation

 

Gold Holds Near 11-Week Low as Iran-Israel Ceasefire Eases Tensions; US CPI Data in Focus

Gold prices were little changed during Asian trading on Tuesday, hovering near an 11-week low as easing hostilities between Iran and Israel reduced inflation concerns, while investors awaited key U.S. Consumer Price Index (CPI) data later this week for further clues on the Federal Reserve’s interest rate outlook.

Spot gold edged up 0.2% to $4,336.90 per ounce as of 08:41 WIB, while U.S. gold futures for August remained flat at $4,361.82 per ounce.

In the previous session, the precious metal dropped to its lowest level since March 23 before trimming losses and ending the day nearly unchanged.

Gold bullion came under pressure after stronger-than-expected U.S. labor market data released last week reinforced expectations that the Federal Reserve may keep interest rates higher for longer.

Market sentiment improved after Iran and Israel agreed to halt attacks following renewed tensions over the weekend.

U.S. President Donald Trump said on Monday evening that the United States was close to declaring a “total victory” in the Iran conflict and suggested oil prices could decline sharply.

Oil prices slipped on Tuesday after surging in the previous session amid renewed hostilities, although traders remained cautious about the durability of the ceasefire agreement.

Although gold is traditionally viewed as a safe-haven asset, the metal struggled for most of the Gulf conflict period. The war’s impact on crude oil markets created unusual market dynamics for bullion prices.

XAU/USD Outlook

Higher oil prices have fueled concerns that energy-driven inflation may remain elevated, prompting investors to scale back expectations for Federal Reserve rate cuts and, in some cases, price in the possibility of further policy tightening. This has pushed U.S. Treasury yields and the U.S. dollar higher, reducing the appeal of non-yielding assets such as gold.

Investor attention is now turning to upcoming U.S. inflation data, with CPI figures scheduled for Wednesday and Producer Price Index (PPI) data due on Thursday. The reports could help determine whether the recent surge in oil prices is feeding into broader inflationary pressures.

A hotter-than-expected inflation reading could strengthen expectations for prolonged higher interest rates, potentially putting additional pressure on gold prices.

Current market pricing has shifted significantly following the strong U.S. payrolls report, with investors now factoring in at least one Federal Reserve rate hike this year.

Among other precious metals, silver prices rose 0.1% to $68.24 per ounce, while platinum remained unchanged at $1,760.60 per ounce.

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EMAS Expands Resources

 

EMAS Adds Kolokoa Maiden Resource, Pani Gold Inventory Rises to 7.4 Million Ounces

PT Merdeka Gold Resources Tbk (EMAS) has announced its maiden Mineral Resource Estimate (MRE) for the Kolokoa Prospect, strengthening the company’s long-term gold production outlook.

The Kolokoa Prospect is located approximately 500 meters from the Pani Gold Mine area in Pohuwato Regency, Gorontalo. The new discovery adds significant gold resources to EMAS’ growing mineral inventory.

Based on the estimate as of June 1, 2026, Kolokoa contains mineral resources of 42 million tons with an average grade of 0.33 grams of gold per ton, equivalent to around 445,000 ounces of gold.

The latest estimate increases the total mineral resource inventory of the Pani Gold Mine to approximately 7.4 million ounces of gold, up from the previous 7 million ounces. The addition represents an increase of roughly 6%.

President Director of Merdeka Gold Resources, Boyke Poerbaya Abidin, said the company completed the maiden mineral resource estimate for Kolokoa within a relatively short timeframe.

“Within six months, we successfully established a maiden mineral resource containing 445,000 ounces of gold,” Boyke said in an official statement on Monday (June 8, 2026).

According to Boyke, the result supports the company’s long-term production growth strategy, including plans to increase peak production capacity.

“This achievement supports EMAS’ long-term production growth strategy, including plans to increase peak production to 500,000 ounces per year,” he stated.

The Kolokoa resource estimation program was carried out from November 2025 to April 2026. The program included 54 drill holes totaling 11,701.6 meters.

Initial metallurgical testing using the bottle-roll method showed high gold recovery rates for oxide material, ranging from 87% to 94%.

Meanwhile, transition material recorded recovery rates between 81% and 92%. Boyke noted that these results support Kolokoa’s compatibility with the current Pani Gold Mine operations.

EMAS management believes the Kolokoa mineral resource still has strong expansion potential. Gold mineralization remains open toward the north, south, and deeper layers.

In addition, the company plans to use the Kolokoa geological and resource model to support further drilling activities, metallurgical studies, and future mine planning.

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Gold Prices Drop

Gold Prices Fall Amid Iran Tensions as US Payroll Data Takes Center Stage

Gold prices declined during Asian trading on Friday as fading hopes for a US-Iran peace agreement fueled concerns over higher inflation and tighter monetary policy, driving investors toward the US dollar.

Market attention is now focused on the upcoming US payrolls report for further clues about the health of the world’s largest economy and the direction of interest rates this year.

Spot gold fell 0.8% to US$4,440.84 per ounce at 10:45 a.m., while gold futures also slipped 0.8% to US$4,467.01 per ounce.

Gold prices are heading toward a weekly loss as geopolitical tensions involving Iran and expectations of higher interest rates continue to weigh on investor sentiment. Spot gold is projected to record a weekly decline of around 2.2%, marking its worst performance since early May.

The precious metal came under pressure after signs emerged of worsening geopolitical tensions in the Middle East. The United States and Iran reportedly launched new attacks against each other amid reports that Tehran had withdrawn from nuclear negotiations.

Hopes for a broader peace deal weakened further after Iran-backed Hezbollah in Lebanon rejected a ceasefire agreement with Israel, while hostilities in southern Lebanon continued to escalate. Tehran had previously stated that a ceasefire in Lebanon was a key condition for any wider regional peace agreement.

This week’s developments highlighted limited progress toward peace negotiations, increasing concerns about a prolonged US-Iran conflict that could continue supporting oil prices and inflationary pressures.

Rising inflation is expected to encourage global central banks, particularly the Federal Reserve, to maintain a hawkish stance on interest rates. Higher interest rates typically reduce the appeal of non-yielding assets such as gold, placing additional pressure on bullion prices since the escalation of the US-Israel conflict with Iran in late February.

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