Commodities analyst Ibrahim Assuaibi predicts global gold prices will fluctuate in November 2025, influenced by various global and geopolitical factors. Domestic precious metal prices in Indonesia are expected to range between Rp2.2 million and Rp2.5 million per gram. This volatility is driven by monetary policies and international tensions.
According to Ibrahim Assuaibi, a currencies and commodities analyst, global gold closed at 4,003 USD per troy ounce last weekend. Technically, for trading on Monday (3/11/2025), support is at 3,935 USD per troy ounce, with the first resistance at 4,080 USD per troy ounce. Over the week, support is predicted at 3,863 USD, resistance at 4,145 USD, with a possibility of reaching 4,292 USD in November 2025.
Antam gold prices stood at Rp2.29 million per gram on Saturday (1/11/2025). In case of a decline, the first support is at Rp2.24 million per gram, potentially dropping to Rp2.2 million throughout the week. Conversely, if it rises, the first resistance is Rp2.31 million per gram, then Rp2.4 million, and likely reaching Rp2.5 million by the end of November.
"But if it happens to rise, the first resistance is Rp2.31 million per gram, then the second resistance at Rp2.4 million per gram. There is a high likelihood of reaching Rp2.5 million per gram by the end of November," stated Ibrahim.
Driving factors for the increase include the Federal Reserve's 25 basis points rate cut in October 2025, with predictions of another cut in December, and the potential reopening of the US shutdown issue, clarifying economic data. In Asia, China's significant manufacturing activity decline is prompting stimulus and rate cuts, boosting demand for safe-haven assets like gold.
Geopolitically, tensions in the Middle East persist with Israel's attacks on Hamas in the Gaza Strip and Iran's uranium enrichment. In Europe, the Ukraine-Russia war continues, including Ukraine's drone strikes on foreign ships and the Tuapse refinery in Russia on Sunday (2/11/2025), halting exports to China, Malaysia, Singapore, and Turkey.