# $XAUUSD and $XAGUSD Prices Corrected, But Rally Opportunities Still Open

Precious metals prices, namely gold and silver, have weakened over the past week amid continued high global geopolitical tensions.

According to Trading Economics on Friday (20/3/2026) at 12:15 WIB, gold price was at the level of US$ 4,722 per troy ounce or down 5.91% over the past week. Meanwhile, silver price was at the level of US$ 73.76 per troy ounce, also corrected by up to 8.36% in the past week.

HFX International Futures Commission President Sutopo Widodo believes the weakness reflects a combination of technical factors and macro sentiment.

According to him, the previous rally in precious metals prices was more driven by the market's spontaneous response to increased geopolitical risks in the Middle East and surging energy prices.

"When oil prices began to correct and U.S. Treasury bond yields tended to stabilize, the appeal of safe-haven assets such as gold and silver also waned," said Sutopo to Kontan on Tuesday (17/3/2026).

Additionally, (profit taking) by investors following the previous sharp gains also weighed on prices in the short term. As a result, the weekly movements of both precious metals appeared bearish despite their solid long-term fundamentals.

Sutopo emphasized that this weakness does not necessarily indicate that the precious metals rally due to geopolitical conflict has ended.

According to him, tensions among Israel, the United States, and Iran remain the main catalyst, but the market now tends to await developments in further escalation or real impacts on global inflation.

He explained that if energy prices surge again or if there is a disruption to strategic trade routes such as the Strait of Hormuz, then gold prices could potentially strengthen again.

On the other hand, silver has an additional advantage from a fundamental perspective, namely the projection of supply deficit and high demand from industry, particularly the electronics sector.

"Going forward, price trends will likely be more volatile, with consolidation phases before continuing the next rally. This heavily depends on the direction of geopolitics and global monetary policy," he added.

For the H1 2026 projection, Sutopo estimates gold prices will move in the range of US$ 4,800 to US$ 5,300 per troy ounce, with a tendency to strengthen if energy inflation pressure increases again and affects central bank policy.

Meanwhile, silver prices are projected to be in the range of US$ 75 to US$ 85 per troy ounce, supported by supply deficit and sustained strong industrial demand.