Jakarta. Gold prices at Aneka Tambang or Antam retreated sharply on Wednesday, reversing part of the previous day’s rally as global bullion prices softened.

According to the company’s official Logam Mulia website, Antam gold fell Rp 45,000 to Rp 3,023,000 ($179.62) per gram. The day before, prices had jumped Rp 40,000 to Rp 3,068,000 per gram.

Despite the latest correction, Antam gold has climbed around 21% since the start of 2026, up from Rp 2,488,000 per gram on Jan. 1. Its all-time high stands at Rp 3,168,000 per gram, recorded on Jan. 29, 2026.

The buyback price also dropped more steeply on Wednesday, sliding Rp 52,000 to Rp 2,802,000 per gram.

Antam Gold Price (Wednesday, Feb. 25):

• 0,5 gram: Rp 1,561,500
• 1 gram: Rp 3,023,000
• 2 gram: Rp 5,986,000
• 3 gram: Rp 8,954,000
• 5 gram: Rp 14,890,000
• 10 gram: Rp 29,725,000
• 25 gram: Rp 74,187,000
• 50 gram: Rp 148,295,000
• 100 gram: Rp 296,512,000
• 250 gram: Rp 741,015,000
• 500 gram Rp 1,481,820,000

Global bullion prices also edged lower. As of Feb. 24 at 10:09 p.m. New York time, spot gold stood at $5,183.23, down $22.71 or 0.44%, according to goldprice.org.

On Tuesday, spot gold slipped 1.11% to $5,169.93 per troy ounce after touching a three-week high, while US gold futures for April delivery declined 0.73% to $5,187.46 per troy ounce.

Market analysts see room for further upside if geopolitical tensions escalate in the Middle East, particularly between the United States and Iran.

Citing Kitco, gold strategist Ernard Dahdah of Natixis projected that prices could climb as much as 15% should safe-haven demand surge amid heightened US-Iran tensions.

He suggested that most of the price gains would likely materialize in the early weeks of any escalation. After that initial spike, he expects gold to retreat as markets gain clearer visibility on the broader implications and begin adjusting accordingly.

Dahdah estimated that gold could reach $5,500–$5,800 per troy ounce within two weeks of the onset of military action. However, he cautioned that safe-haven flows tend to be volatile and rarely sustain long-term gains, with price advances typically fading once conditions stabilize, whether within days or weeks, even if the conflict itself persists.

Natixis also indicated that, under a Trump administration framework, any US response would likely be measured and limited. The French bank expects a potential Middle East crisis to last around one month.