Gold prices still have the potential to strengthen to the range of US$1,900 per troy ounce on Monday (24/5) trading after having managed to stay above the range of US$1,870 per troy ounce at the end of trading last week.

"The decline in US government bond yields with a tenor of 10 years to around 1.62% at the end of last week after reaching the high range last week at 1.69% helped strengthen gold prices," said Commodity Observer Ariston Tjendra in Jakarta.

He added that the significant drop in crypto asset prices also helped strengthen the price of gold. Allegedly, crypto investors shifted part of their investment to gold.

Market concerns about the increase in COVID-19 cases have also triggered market players to enter safe assets such as gold.