Jakarta. State-run gold miner Aneka Tambang  (Antam) saw its bullion prices soar to an all-time high on Tuesday, even as global gold prices eased amid investor profit taking and easing safe-haven inflows.

Antam’s gold prices jumped Rp 72,000 ($4.34) to Rp 2,487,000 per gram, surpassing its previous record of Rp 2,485,000 set on Oct. 17. The surge came after a volatile week that saw prices plunge by Rp 57,000 on Saturday and drop another Rp 13,000 on Monday.

In contrast, global spot gold prices slipped 0.17 percent to $4,349.1 per troy ounce on Tuesday morning, retreating from the record high of $4,381.21 reached a day earlier. US gold futures for December delivery also edged down 0.1 percent to $4,356.40 per troy ounce. Despite the minor pullback, gold remains up by more than 60 percent year-to-date.

Andy Nugraha, an analyst at Dupoin Futures Indonesia, said the technical outlook for gold remains bullish, though momentum has started to moderate. “If buying pressure continues, gold could test the $4,400 level in the short term. But if a technical correction occurs, the $4,294 zone will act as a key support,” Andy said in a Tuesday note.

On the fundamentals side, markets are closely watching comments from US President Donald Trump, who recently suggested that the 100 percent import tariffs on Chinese goods “will not be permanent” and hinted at progress toward a potential trade deal with President Xi Jinping by late October.

Trump’s remarks briefly weighed on gold last Friday as easing trade tensions reduced demand for safe-haven assets. Still, after falling from its historic peak of $4,380 to around $4,200, gold prices have stabilized this week.

“The current setup shows that risk-hedging demand remains strong,” Andy said, adding that the metal now trades at the crossroads of monetary expectations and geopolitical drivers.

Markets are awaiting US inflation data for September, due Friday, which could shape the Federal Reserve’s next rate move. A lower inflation reading could bolster expectations for a 25-basis-point rate cut at the Fed’s October policy meeting, a move already seen as almost certain by futures markets.

“Gold remains attractive as lower interest rates reduce the opportunity cost of holding non-yielding assets,” Andy said. “Combined with ongoing geopolitical tensions and a softening US dollar, the medium-term outlook still favors further gains.”

He warned, however, that traders should stay cautious amid high volatility ahead of US economic data releases and the upcoming Trump–Xi meeting.