Jakarta. Gold prices extended their rally on Thursday, with Antam bullion rebounding sharply after a brief pullback a day earlier, while global investment bank forecasts signaled further upside for the precious metal.

Data from Logam Mulia showed that the price of Antam gold rose Rp 16,000 to Rp 3,039,000 ($181.24) per gram on Thursday. The increase followed Wednesday’s drop of Rp 45,000, when prices slipped to Rp 3,023,000 per gram.

So far in 2026, Antam gold has surged about 22%. On Jan. 1, the price stood at Rp 2,488,000 per gram, underscoring strong year-to-date gains.

Antam Gold Price (Thursday, Feb. 26):

• 0,5 gram: Rp 1,569,500
• 1 gram: Rp 3,039,000
• 2 gram: Rp 6,018,000
• 3 gram: Rp 9,002,000
• 5 gram: Rp 14,970,000
• 10 gram: Rp 29,885,000
• 25 gram: Rp 74,587,000
• 50 gram: Rp 149,095,000
• 100 gram: Rp 298,112,000
• 250 gram: Rp 745,015,000
• 500 gram Rp 1,489,820,000

Globally, gold prices also remained firm. As of Feb. 25 at 10:07 p.m. New York time, spot gold stood at $5,185.49 per ounce, up $26.81 or 0.52%, according to goldprice.org.

Meanwhile, US investment bank J.P. Morgan projected that global gold prices could climb as much as 22% from current levels by the end of 2026. Citing Kitco, the bank’s analysts forecast gold could reach around $6,300 per troy ounce by year-end, supported by sustained demand from central banks and global investors.

J.P. Morgan also raised its long-term gold price forecast to $4,500 per troy ounce. Natasha Kaneva, Head of Global Commodities Strategy at J.P. Morgan, said that although the rally has not been, and will not be,  linear, the underlying drivers of higher prices remain intact.

The bank cited a weakening US dollar, lower US interest rates, and ongoing economic and geopolitical uncertainty as key supportive factors. It added that gold continues to serve as a hedge against fiat currency depreciation and as a non-yielding alternative to US government bonds.

J.P. Morgan Global Research expects average global central bank gold demand to reach 585 tons per quarter in 2026. Of that, around 190 tons per quarter are projected to come from central banks, 330 tons per quarter from bar and coin demand, and 275 tons annually from ETFs and futures contracts, with much of the latter concentrated early next year, according to Gregory Shearer, Head of Base and Precious Metals Strategy at J.P. Morgan.