Gold prices in Indonesia near IDR 1.39 million per gram

Global macro drivers remain the main catalyst. US benchmark 10-year Treasury yields were around 4.69%, while consumer prices in the US rose to 332.568 in June and are forecast to edge up to 335.512 in July, underscoring why investors still want a hedge against inflation and policy uncertainty. Adalytica’s Gold Fear & Greed Index sits at 99, or “Extreme Greed,” while its US dollar signal is also at “Extreme Greed,” showing how crowded and fast-moving the trade has become.

Gold futures and bullion proxies have kept climbing as a result. COMEX gold closed at 4,340.7 a troy ounce on Aug. 7, while GLD, the SPDR Gold Trust, finished at 398.47 after trading above its 50-day moving average and pushing its RSI to 72.8, a technically overbought reading. The fund’s move, alongside strong volume, shows that investors are still adding exposure despite elevated prices.

For investors, the key issue is whether this is a durable repricing or a momentum trade that can reverse quickly if the dollar firms or yields rise further. With global gold sentiment stretched and Indonesian retail prices already reflecting the rally, the next test is whether US inflation data and Treasury yields force a reset in the metal’s upward run.