The gold price on Wednesday (24/3) has the potential to experience pressure by moving in the range of 1700-1740 per troy ounce.

Commodities Observer Ariston Tjendra said the attractiveness of gold as a hedging instrument when inflation expectations were rising became less, after the Governor of the US Central Bank Jerome Powell, in a hearing before the House members of Representatives, said that inflation is not a threat at this time.

"As well as risk-averse market sentiment, market concerns about the return to global daily cases of COVID-19 which could hinder economic recovery are also helping to suppress gold prices," he said in Jakarta Wednesday (24/3).

On the other hand, market players have turned to US dollar assets to strengthen the US dollar exchange rate.