Jakarta. Gold prices in Indonesia surged to fresh record highs on Thursday, tracking a powerful rally in global bullion markets as investors flocked to safe-haven assets amid geopolitical tensions and mounting global economic uncertainty.

Antam’s gold bar price jumped Rp 165,000 on Thursday to Rp 3,168,000 ($188.67) per gram, setting a new all-time high. Data from Logam Mulia showed the rally had already gathered momentum a day earlier, with prices rising Rp 52,000 to Rp 2,968,000 per gram on Wednesday morning before extending gains by another Rp 35,000 to Rp 3,003,000 per gram in the afternoon, the previous record peak.

Since the start of 2026, Antam gold prices have climbed more than 20%, up sharply from Rp 2,488,000 per gram recorded on Jan. 1.

The buyback price also surged, rising Rp 135,000 on Thursday to Rp 2,989,000 per gram.

Antam Gold Price (Thursday, Jan. 29):

• 0,5 gram: Rp 1,634,000
• 1 gram: Rp 3,168,000
• 2 gram: Rp 6,286,000
• 3 gram: Rp 9,411,000
• 5 gram: Rp 15,655,000
• 10 gram: Rp 31,230,000
• 25 gram: Rp 77,910,000
• 50 gram: Rp 155,655,000
• 100 gram: Rp 311,160,000
• 250 gram: Rp 777,590,000
• 500 gram Rp 1,554,900,000

Globally, gold prices continued their rally and notched another all-time high on Thursday morning, approaching the $5,600-per-troy-ounce level as demand for defensive assets remained strong.

According to goldprice.org, spot gold was priced at $5,535.11 per ounce as of Jan. 28, 2026 at 10:27 p.m. New York time, up $450.15 or 8.85%. Over the week, gold prices have risen more than 10%, breaking above the psychological $5,000-per-ounce mark for the first time earlier this week.

Kitco reported that analysts have attributed gold’s and silver’s exceptional start to the year partly to growing uncertainty surrounding the political independence of the Federal Reserve. However, Federal Reserve Chair Jerome Powell said those concerns were unfounded, emphasizing that inflation expectations remain well anchored and that the central bank continues to maintain its credibility.

Powell made the remarks after the Federal Reserve decided to leave the federal funds rate unchanged in a range of 3.50% to 3.75% following its first monetary policy meeting of the year, a decision that aligned with economists’ expectations. Based on the CME FedWatch Tool, markets do not anticipate the next rate cut until June.

Despite the Fed’s neutral policy stance, Kitco noted that gold prices managed to hold near session highs after Powell’s comments. Spot gold was last trading at $5,387.70 an ounce, up nearly 4% on the day.

While steady interest rates could pose a potential headwind for bullion, analysts cited by Kitco said broader geopolitical uncertainty continues to provide strong support. Gold has gained 24.5% so far this month, driven largely by global instability.

Nitesh Shah, head of commodities and macroeconomic research at WisdomTree, said that although Powell appears comfortable keeping rates unchanged in the coming months, markets are already looking beyond May, when he is expected to step down. Shah added that investors expect Powell’s successor to be more inclined toward supporting interest rate cuts, a scenario that continues to underpin gold’s appeal.

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