Jakarta. The price of Antam gold bars fell sharply again on Wednesday, dropping Rp 40,000 to Rp 2,878,000 ($170.49) per gram, according to data from Logam Mulia.

The decline followed a Rp 22,000 drop on Tuesday, when prices stood at Rp 2,918,000 per gram. Despite the recent correction, Antam gold has still gained around 17 percent so far in 2026, rising from Rp 2,488,000 per gram on Jan. 1.

Antam’s all-time high remains Rp 3,168,000 per gram, recorded on Jan. 29, 2026. Meanwhile, the buyback price also slid on Wednesday, falling Rp 51,000 to Rp 2,655,000 per gram.

Antam Gold Price (Wednesday, Feb. 18):

• 0,5 gram: Rp 1,489,000
• 1 gram: Rp 2,878,000
• 2 gram: Rp 5,696,000
• 3 gram: Rp 8,705,000
• 5 gram: Rp 14,165,000
• 10 gram: Rp 28,275,000
• 25 gram: Rp 70,562,000
• 50 gram: Rp 141,045,000
• 100 gram: Rp 282,012,000
• 250 gram: Rp 704,765,000
• 500 gram Rp 1,409,320,000

Globally, analysts remain optimistic that gold prices could strengthen again in the coming months, supported by continued central bank purchases, heightened geopolitical uncertainty, and sustained inflows into exchange-traded funds.

Spot gold prices weakened by roughly 2.7% to around $4,855.92 per ounce on Tuesday afternoon, based on Trading Economics data. As of Feb. 17 at 10:27 p.m. New York time, spot gold stood at $4,918.77 per ounce, down $75.67 or 1.52%, according to goldprice.org. The pullback trimmed gold’s year-to-date gain to about 13% after surging more than 60% in 2025.

Mining analysts at Scotiabank, led by Tanya Jakusconek, indicated that recent volatility does not necessarily signal the end of the current upward cycle, as cited by Kitco. Since Feb. 13, global gold prices have softened by roughly 3.5%.

Analysts also noted that rising US federal debt continues to fuel concerns over the long-term position of the US dollar among institutional investors and central banks, potentially encouraging de-dollarization or at least a shift in global reserve preferences.

Jakusconek added that persistent fiscal deficits across several countries over the past five years, with little visible constraint, suggest that government debt levels worldwide are unlikely to stabilize soon, a dynamic that could further support gold’s longer-term rally.

She also pointed to factors such as the seizure of Russian assets following the 2022 Ukraine conflict, growing resource nationalism, and increasingly aggressive US trade policies under President Donald Trump as drivers pushing investors toward safe-haven assets like gold.

Central banks, particularly in emerging markets, continue to treat gold as a key diversification asset and remain strong net buyers, collectively holding less than 30% of the physical metal, Scotiabank data showed. They purchased 328 tons of gold in December 2025 through the International Monetary Fund and other public data sources, compared with 345 tons a year earlier, according to the World Gold Council.

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