Jakarta. Antam gold prices fell sharply on Monday, dropping Rp 50,000 to Rp 2,843,000 per gram after holding steady in the previous session.

Prices were unchanged at Rp 2,893,000 per gram on Saturday, before reversing course at the start of the week. Despite the latest decline, Antam gold remains up 16% year-to-date, climbing from Rp 2,488,000 on Jan. 1. Prices previously reached an all-time high of Rp 3,168,000 per gram on Jan. 29.

The buyback price also dropped Rp 50,000 to Rp 2,560,000 per gram, reflecting continued pressure in the domestic bullion market.

Antam Gold Price (Monday, Mar. 23):

• 0,5 gram: Rp 1,471,500
• 1 gram: Rp 2,843,000
• 2 gram: Rp 5,626,000
• 3 gram: Rp 8,414,000
• 5 gram: Rp 13,990,000
• 10 gram: Rp 27,925,000
• 25 gram: Rp 69,687,000
• 50 gram: Rp 139,295,000
• 100 gram: Rp 278,512,000
• 250 gram: Rp 696,015,000
• 500 gram Rp 1,391,820,000

Globally, gold prices are expected to remain volatile this week, with only limited room for a rebound. Analysts project that any upward movement will likely stay below the key psychological threshold of $5,000 per troy ounce.

Spot gold stood at $4,362.68 per ounce, down 209.35 points or 4.56% as of Mar. 22 at 11:32 p.m. New York time according to goldprice.org, reflecting sustained selling pressure in global markets.

Commodity market analyst Ibrahim Assuaibi indicated that gold remains under pressure, primarily due to a stronger US dollar and persistently high global interest rates. He signaled that if the correction continues early this week, prices may test support at $4,423.06 per troy ounce, with further downside risk toward $4,319 per troy ounce.

Still, room for a rebound remains. Ibrahim projected that any recovery could push prices toward resistance at $4,559.86 per troy ounce, with a higher resistance level seen at $4,681.5 per troy ounce. However, he emphasized that gold is likely to stay below the psychological level in the near term.

He also pointed to movements in the US dollar index, which is expected to fluctuate around a support level of 98.73 and potentially strengthen toward 101.20. The stronger dollar has prompted investors to shift temporarily from gold to dollar-denominated safe-haven assets.

In addition, rising energy prices are adding further pressure. WTI crude is projected to move in the range of $93.30 to $107.10, while Brent crude could climb higher to between $110 and $116.

According to Ibrahim, the increase in energy prices, particularly Brent, is driven by escalating geopolitical tensions in the Middle East involving Iran, Israel, and the United States. This has raised transportation costs, especially in the aviation sector, and contributed to higher global inflation.

He noted that these conditions are likely to keep global central banks maintaining high interest rates, with the possibility of further hikes, which in turn weigh on gold prices. Market participants are also closely watching geopolitical developments, particularly the risk of a broader ground conflict in the Middle East.