Jakarta. Indonesia’s retail gold market opened 2026 with a bang as Antam bullion prices surged to a fresh all-time high on Monday, tracking a global rally fueled by safe-haven demand amid rising geopolitical tensions.

Data from Aneka Tambang’s Logam Mulia website showed Antam gold jumping Rp 29,000 to Rp 2,631,000 ($156.09) per gram, eclipsing the previous record of Rp 2,605,000 set on Dec. 27, 2025. The latest spike also marked the first record high for Antam gold this year.

Prices had already climbed over the weekend, gaining Rp 25,000 to Rp 2,602,000 per gram on Saturday, signaling strong momentum at the start of the week.

Antam’s buyback price rose in tandem, also up Rp 29,000 to Rp 2,484,000 per gram.

Antam Gold Price (Monday, Jan. 12):

• 0,5 gram: Rp 1,365,500
• 1 gram: Rp 2,631,000
• 2 gram: Rp 5,202,000
• 3 gram: Rp 7,778,000
• 5 gram: Rp 12,930,000
• 10 gram: Rp 25,805,000
• 25 gram: Rp 64,387,000
• 50 gram: Rp 128,695,000
• 100 gram: Rp 257,312,000
• 250 gram: Rp 643,015,000
• 500 gram Rp 1,285,820,000

The domestic rally mirrored a sharp jump in global gold prices. Spot gold rose more than 1% on Monday morning, hitting a new all-time high as investors flocked to safe assets. At the time of writing, gold was up 1.57% at $4,582.29 per troy ounce, after briefly touching a record $4,601, also the metal’s first record high of 2026.

Andy Nugraha, an analyst at Dupoin Futures, said a mix of geopolitical risks and expectations of easier US monetary policy continued to underpin gold’s bullish bias, particularly over the medium term.

Heightened global tensions, including developments in Venezuela and ongoing conflicts elsewhere, have pushed investors back toward gold as a hedge. “In periods of elevated uncertainty, gold has historically been the asset of choice to preserve portfolio value,” Andy wrote in a recent research note.

On the policy front, expectations of interest-rate cuts by the Federal Reserve in 2026 remain a key catalyst, he said. Lower rates tend to depress US real bond yields and weaken the dollar, both of which are supportive for gold prices.

Andy cautioned, however, that stronger-than-expected US economic data could delay rate-cut expectations and trigger short-term corrective pressure.

Beyond geopolitics and monetary policy, he added that sustained gold purchases by global central banks and higher portfolio allocations to bullion continue to provide structural support. “This medium-term demand strengthens gold’s price foundation and limits the risk of a deep correction as long as global sentiment remains fragile,” he said.

From a technical standpoint, Andy noted that gold remains above key support levels, suggesting the broader bullish trend is still intact. If positive sentiment holds, prices could move to test the $4,600 per troy ounce area later this week.