Executive Summary

Key insights and market outlook

Antam gold prices continued their upward trend on December 18, 2025, with the 24-karat gold price rising by Rp 17,000 to Rp 2,487,000 per gram ¹

. The buyback price also reached a new all-time high of Rp 2,346,000 per gram, increasing by Rp 16,000 ². This surge is driven by global gold price movements and geopolitical tensions, with spot gold rising 0.86% to US$4,339.33 per troy ounce ².

Full Analysis

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Deep Dive Analysis

Antam Gold Prices Reach New Heights as Global Factors Drive Demand

Price Movement and Market Dynamics

Antam's gold prices continued their upward trajectory on December 18, 2025, with the price of 24-karat gold rising by Rp 17,000 to Rp 2,487,000 per gram ¹

. This movement is consistent with the trend observed in global gold markets, where prices have been driven by various factors including geopolitical tensions and inflation concerns. The buyback price also saw a significant increase of Rp 16,000, reaching a new all-time high of Rp 2,346,000 per gram ².

Global Influences on Gold Prices

The surge in gold prices is not isolated to the Indonesian market. Globally, gold prices have been on the rise, with spot gold increasing by 0.86% to US$4,339.33 per troy ounce ²

. This global trend is attributed to several factors, including heightened geopolitical tensions, particularly in Venezuela, where recent developments have contributed to market uncertainty ².

Market Analysis and Future Projections

Analysts are optimistic about the continued strength of gold prices. David Wilson, a senior commodity strategist at BNP Paribas, noted that various factors supporting gold prices, including inflationary pressures and global economic slowdown indicators, are converging. Wilson projects that gold prices could potentially reach US$5,000 per ounce in the coming year ²

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Implications for Investors

The narrowing gap between Antam's selling price and buyback price, currently at Rp 141,000 per gram, is an important consideration for investors ³

. While the buyback price has reached new highs, investors should be aware of the tax implications, such as the 1.5% PPh 22 for NPWP holders on transactions over Rp 10 million ².

References