Jakarta. Antam’s gold bar prices resumed their relentless climb on Monday, setting another all-time high as global demand for safe-haven assets stayed strong amid lingering macroeconomic and geopolitical risks.

Data from Logam Mulia showed Antam gold prices jumped Rp 30,000 to Rp 2,917,000 ($173.87) per gram on Monday, extending a rally that has accelerated since late last week. The latest increase followed a Rp 7,000 rise on Saturday, when prices touched a fresh record at Rp 2,887,000 per gram, after surging Rp 90,000 on Friday.

Antam’s buyback price also moved sharply higher, rising Rp 28,000 to Rp 2,750,000 per gram on Monday (Jan. 26, 2026).

Antam Gold Price (Monday, Jan. 26):

• 0,5 gram: Rp 1,508,000
• 1 gram: Rp 2,917,000
• 2 gram: Rp 5,774,000
• 3 gram: Rp 8,636,000
• 5 gram: Rp 14,360,000
• 10 gram: Rp 28,665,000
• 25 gram: Rp 71,537,000
• 50 gram: Rp 142,995,000
• 100 gram: Rp 285,912,000
• 250 gram: Rp 714,515,000
• 500 gram Rp 1,428,820,000

The domestic surge mirrored a powerful global rally. Gold prices climbed to another record on Friday and edged closer to the $5,000-per-ounce mark, reinforcing the metal’s appeal as a defensive asset. Prices have gained nearly 15% so far this year.

According to goldprice.org, spot gold rose 103.88 points, or 2.09%, to $5,082.53 per ounce as of Jan. 25, 2026, at 10:23 p.m. New York time.

Despite technical indicators pointing to overbought conditions, analysts said the rally is being driven more by fundamentals than speculation.

Ole Hansen, head of commodity strategy at Saxo Bank, said price momentum and fear of missing out (FOMO) have contributed to recent gains, but warned against labeling the move as a bubble.

He added that sustained demand from global central banks continues to underpin gold’s role as a reserve diversification asset, especially as concerns grow over fiscal discipline, rising government debt burdens, and long-term debt sustainability.

Geopolitical tensions have eased slightly after US President Donald Trump said Washington would not use military force to annex Greenland from Denmark. However, Trump has continued to exert political pressure on the European Union over Arctic territorial claims.

Those remarks have reportedly prompted some European investment firms and pension funds to reassess exposure to US financial assets. Denmark’s AkademikerPension, for instance, has announced plans to divest up to $100 million in US bonds by the end of this month, citing concerns over mounting US government debt.

Market attention is now turning to next week’s monetary policy meeting of the Federal Reserve. Investors broadly expect policymakers to keep rates unchanged, with elevated inflation and resilient economic and labor market data reducing the urgency for cuts.

Based on the CME FedWatch Tool, markets currently see the first rate cut occurring in June. The Bank of Canada is also scheduled to announce its policy decision next week, with expectations pointing to steady rates.

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