Jakarta. Antam gold prices continued to weaken on Monday as global bullion slipped amid rising energy prices and mounting uncertainty over the Federal Reserve’s interest rate outlook.

Data from Logam Mulia showed the price of Antam gold falling Rp 5,000 to Rp 2,992,000 ($175.95) per gram on Monday. The decline followed a sharp Rp 24,000 drop recorded on Saturday, when the precious metal slipped to Rp 2,997,000 per gram.

Despite the recent pullback, Antam gold remains significantly higher this year. Prices have climbed roughly 20% since the start of 2026, when bullion was priced at Rp 2,488,000 per gram on Jan. 1.

The metal previously reached an all-time high of Rp 3,168,000 per gram on Jan. 29.

Meanwhile, Antam’s buyback price,  the rate at which the company repurchases gold from customers, also declined Rp 5,000 on Monday to Rp 2,745,000 per gram.

Antam Gold Price (Monday, Mar. 16):

• 0,5 gram: Rp 1,546,000
• 1 gram: Rp 2,992,000
• 2 gram: Rp 5,924,000
• 3 gram: Rp 8,861,000
• 5 gram: Rp 14,735,000
• 10 gram: Rp 29,415,000
• 25 gram: Rp 73,412,000
• 50 gram: Rp 146,745,000
• 100 gram: Rp 293,412,000
• 250 gram: Rp 733,265,000
• 500 gram Rp 1,466,320,000

Globally, gold prices also moved lower in early Monday trading. Spot gold slipped around 0.3% to $5,003.96 per troy ounce at the time of writing, while US gold futures for April delivery fell about 1.06% to $5,007.31 per troy ounce.

Analysts attributed the pressure partly to rising energy prices, which have fueled concerns that inflation could remain elevated and delay potential interest rate cuts by the Federal Reserve.

Christopher Wong, a strategist at OCBC, said higher energy costs could keep inflation sticky, prompting the Fed to remain cautious about easing monetary policy, according to Reuters. Persistently high real yields, he noted, typically weigh on gold because they make yield-bearing assets more attractive to investors.

Energy-driven pressure has intensified as global oil prices remain above $100 per barrel. The surge has been linked to escalating tensions involving the United States and Israel with Iran, a conflict that has now entered its third week.

The geopolitical escalation has heightened risks to energy infrastructure in the Middle East and kept the Strait of Hormuz closed, a key shipping route widely seen as critical to global energy supply.

Elevated oil prices could push inflation higher by increasing transportation and production costs. While gold is often viewed as a hedge against inflation, high interest rates tend to dampen its appeal because investors may prefer assets that generate yields.

Wong added that gold prices may remain volatile in the near term as markets continue to assess the Fed’s monetary policy path and movements in real yields.

Investors are also awaiting the Fed’s policy decision scheduled for Wednesday this week. The US central bank is widely expected to keep interest rates unchanged at the upcoming meeting.

Separately, US President Donald Trump said on Sunday that his administration was in discussions with seven countries to help secure shipping routes in the Strait of Hormuz.

Trump also warned that additional strikes on Iran’s key oil export hub on Kharg Island remain under consideration, adding that Washington is not yet prepared to reach a deal to end the conflict.

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