Jakarta. Gold prices retreated sharply on Saturday as investors took profits following a record-breaking rally, sending Aneka Tambang (Antam)’s bullion prices tumbling alongside global spot gold.

Antam’s official website showed its gold price dropped by Rp 57,000 ($3.44) per gram to Rp 2.42 million per gram, retreating from an all-time high of Rp 2.49 million earlier this week. The state miner’s buyback price also plunged by Rp 57,000 to Rp 2.28 million per gram.

At the start of the year, Antam’s 1-gram gold bar traded around Rp1.55 million, marking an almost 57 percent increase before the recent pullback.

Globally, gold prices fell by 0.94 percent to $4,249.94 per ounce, according to Goldprice.org, while silver tumbled 3.84 percent to $51.91. Despite the correction, gold remains up 17.7 percent over the past month and 58 percent year-on-year, indicating strong safe-haven demand amid ongoing economic volatility.

The selloff followed a brief but steep rally that saw spot gold touch a fresh record high of $4,378.69 per ounce on Friday before dropping as much as 2.2 percent to an intraday low of $4,220.10. The reversal came after US President Donald Trump played down fears of an escalating trade war with China, prompting investors to scale back their holdings of the precious metal.

Before Friday’s slide, bullion had been on track for its strongest weekly gain since the 2008 financial crisis, supported by risk aversion and growing speculation of further US Federal Reserve rate cuts. Investors now anticipate a 25-basis-point cut at the Fed’s October 29–30 meeting, with another reduction expected in December. Meanwhile, a US government shutdown has delayed key economic data releases, adding to investor uncertainty. 

HSBC on Friday maintained a bullish long-term outlook, predicting that gold could surge to $5,000 per ounce in the first half of 2026, driven by high global risks and growing investor participation. The bank lifted its 2025 average gold price forecast to $3,455 per ounce, up from $3,355, and its 2026 estimate to $4,600 from $3,950.

The bank cited elevated geopolitical tensions, policy uncertainty, and rising public debt as key factors sustaining gold’s upward trajectory.