Mixed Gold Price Movements in Indonesian Market on November 21, 2025

Divergent Trends in Gold Pricing

The Indonesian gold market witnessed divergent price movements on November 21, 2025, with different players showing contrasting trends. According to Bisnis.com, gold prices at Pegadaian increased across all brands ¹

• Antam gold rose by Rp23,000 per gram to Rp2,601,000
• Galeri24 gold increased by Rp10,000 per gram to Rp2,404,000
• UBS gold moved up by Rp12,000 per gram to Rp2,418,000

In contrast, Detik Finance reported that Antam's official gold prices dropped significantly ²

• Spot price fell by Rp16,000 per gram to Rp2,348,000
• Buyback price decreased by Rp16,000 per gram to Rp2,209,000

Market Analysis and Implications

The divergent pricing between Pegadaian and Antam's official prices highlights the complexity of Indonesia's gold market dynamics. Several factors contribute to this discrepancy:

1. Different market segments: Pegadaian operates in the retail space while Antam's official prices are more institutional
2. Pricing strategies: Pegadaian may be adjusting prices based on market demand and retail market conditions
3. Product variations: Different gold products (investment vs. jewelry) may have different pricing dynamics

Price Details and Historical Context

The price movements on November 21, 2025, show different trends when viewed historically ²

• In the last week, Antam's gold price ranged between Rp2,322,000 - Rp2,398,000 per gram
• In the last month, the range was Rp2,260,000 - Rp2,398,000 per gram
• The current buyback price of Rp2,209,000 per gram reflects a 1.5% PPh 22 tax for transactions above Rp10,000,000 as per PMK No. 81/2024