Jakarta. Gold prices are expected to rebound this week after a sharp decline, with analysts projecting further gains in the coming weeks amid currency weakness and persistent global uncertainty.

Local bullion prices from state miner Aneka Tambang (Antam) have fallen significantly in recent sessions, but market observers say the pullback may be temporary. According to gold and currency analyst Ibrahim Assuaibi from Laba Forexindo Berjangka, Antam’s gold could rise toward Rp 2.8 million ($169) per gram by the end of October and possibly reach a new record high of Rp 3 million per gram if the rupiah weakens toward Rp 16,700 per US dollar.

As of Monday, Antam’s gold price dropped Rp 13,000 to Rp 2.43 million per gram, while the buyback price slipped to Rp 2.26 million per gram. The decline followed a steep fall of Rp 57,000 on Saturday, ending a five-day record-setting rally that saw Antam gold reach its all-time high.

Ibrahim projects global gold prices could climb to $4,437 per troy ounce in November, driven by geopolitical and macroeconomic uncertainty. On Monday, gold price fell by 1.73 percent to $4,251.82 per troy ounce, but the metal has still gained 5.77 percent over the past week and a remarkable 62 percent year-to-date.

The all-time high for spot gold currently stands at $4,379 per troy ounce.

Ibrahim said part of the recent volatility stems from profit-taking following reports of a potential meeting between US President Donald Trump and Russian President Vladimir Putin to discuss the ongoing war in Ukraine. “Some investors are skeptical about the outcome of the talks, given the difficulty in achieving a ceasefire,” he said.

In Asia, differing views between Japan’s prime minister and the Bank of Japan over monetary policy have also impacted gold sentiment, with yen strength temporarily weighing on bullion prices.

Additional factors supporting gold’s long-term outlook include the ongoing US government shutdown, now in its 18th day, and heightened U.S.-China trade tensions. Meanwhile, central banks worldwide continue to accumulate gold as part of a broader dedollarization trend and reserve diversification amid rising geopolitical risks.

According to Mining.com, India, the world’s second-largest gold consumer,  boosted its gold reserves to more than $100 billion as of Oct. 10, marking its highest level since 1996–1997. Data from the Reserve Bank of India showed gold holdings rose by $3.6 billion to $102.36 billion, lifting the metal’s share of total reserves to 14.7 percent.