Jakarta - Gold prices on Monday (4/10) have the potential to strengthen, triggered by market concerns about a potential global economic slowdown due to rising energy prices and global COVID-19 cases.

"The price of gold is likely to rise to the range of US$1,770 per troy ounce if the support at the range of US$1,750 per troy ounce persists," said Commodity Observer Ariston Tjendra in Jakarta.

However, the markets' expectation of the Fed's tapering could restrain the increase in gold prices.

"The tapering marks the start of a tightening monetary policy that reduces or withdraws dollar liquidity from the market, thus encouraging the strengthening of the US dollar and depressing gold prices," said Ariston.