Gold prices have the potential to strengthen in trading on Monday (31/5) triggered by expectations of rising inflation in the US after the US Core PCE Price Index inflation indicator figures for April year on year released at the end of last week showed an increase of 3.1%.

"This figure is above the US Central Bank's inflation target of 2 percent," said Commodity Observer Ariston Tjendra in Jakarta.

The price of gold is predicted to strengthen to the range of 1,920 dollars per troy ounce, with a range of support at 1,880 dollars per troy ounce.

On the other hand, market concerns about the hampered global economic recovery due to the increase in COVID-19 cases in the world, which triggered lockdowns in several countries, also supported the increase in gold prices.