The gold price on Friday (16/7) has the opportunity to strengthen to the area of US$1,840-US$1,850 per troy ounce.

Commodity Observer Ariston Tjendra said market concerns about slowing global economic growth were the driving force for strengthening gold prices.

"This concern is due to the increase in COVID-19 cases in the world due to new variants. The world is preparing to face the 3rd wave of the pandemic," he said in Jakarta on Friday (16/7).

In addition, the Fed's factors also triggered the increase in gold prices because they were still implementing monetary policy that flooded liquidity in the financial market.

As for tonight, market participants will pay attention to US retail sales data for June.

"This data can depress gold prices if the results are better than projected. The improved data shows the US economic recovery so that it can encourage the strengthening of the US dollar," said Ariston.