Gotrade News - Gold prices retreated globally on May 8, 2026, as profit taking, a stronger US dollar, and rising Treasury yields combined to pressure the metal. Indonesian bullion retailers Antam and UBS cut their per-gram retail prices on the same session.
Antam's 1-gram bar dropped Rp1,000 to Rp2.839 million while the buyback price slipped to Rp2.644 million per gram. UBS gold sold through Pegadaian fell Rp2,000 to Rp2.892 million per gram on the same date.
Key Takeaways
- Spot gold faces resistance at USD4,749 with downside support at USD4,643 per ounce
- Pressure stems from profit taking, a stronger US dollar, and rising US Treasury yields
- Analyst sees correction without trend reversal as long as global structure holds
Galeri 24, another Pegadaian gold line, moved the opposite direction with a Rp11,000 gain to Rp2.833 million per gram. The split shows independent retail pricing dynamics inside the same distribution network.
Dupoin Futures analyst Geraldo Kofit pointed to profit taking as the main driver behind the spot gold pullback. Selling pressure intensified after gold posted a sustained run higher in recent sessions.
Geraldo added that a stronger US dollar and higher US Treasury yields reduced gold's appeal as a non-yielding asset. Improving global risk sentiment also trimmed safe-haven demand on the day.
On the technical chart, Geraldo flagged resistance at USD4,749 with a projected support level at USD4,643. The stochastic indicator pushed toward oversold territory, confirming continued downside pressure.
Investors seeking gold exposure without buying physical bars can look at the VanEck Gold Miners ETF (GDX) and Newmont (NEM). Both vehicles deliver exposure to global gold miners without storage costs tied to physical metal.
Geraldo cautioned that the current pullback does not necessarily signal a major trend reversal. Rebound opportunities remain on the table if the dollar weakens or geopolitical uncertainty re-emerges.
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