Jakarta. State miner Aneka Tambang (Antam) gold prices extended their decline on Thursday, amid rising expectations of a US Federal Reserve rate cut next week.

Antam cuts its benchmark bullion price by Rp 6,000 to Rp 2,406,000 ($144.62) per gram, according to data published on the company's website. The drop follows a Rp 13,000 slide on Wednesday to Rp 2,412,000 per gram, reversing a brief uptick on Tuesday when prices rose Rp 10,000 to Rp 2,425,000.

Antam’s gold is now trading further below its all-time high of Rp 2,487,000 per gram, reached on Oct. 21.

The company’s buyback price also fell by Rp 6,000 on Thursday to Rp 2,267,000 per gram.

Antam’s retail bullion prices stood as follows:

• 0.5 gram: Rp 1,253,000

• 1 gram: Rp 2,406,000

• 2 grams: Rp 4,752,000

• 3 grams: Rp 7,103,000

• 5 grams: Rp 11,805,000

• 10 grams: Rp 23,555,000

• 25 grams: Rp 58,762,000

• 50 grams: Rp 117,445,000

• 100 grams: Rp 234,812,000

• 250 grams: Rp 586,765,000

• 500 grams: Rp 1,173,320,000

• 1,000 grams: Rp 2,346,600,000

In the global market, spot gold edged up 0.33 percent to $4,203.45 per ounce, goldprice.org data showed. Bullion has surged nearly 60 percent over the past year as investors seek safety amid weakening US economic signals and expectations of imminent rate cuts.

Traders now see an 89 percent probability of a 25-basis-point cut at next week’s Fed meeting, up from 83 percent a week ago, according to futures pricing. Sentiment strengthened after private payrolls data from ADP showed a surprise drop of 32,000 jobs in November, compared with expectations for a 40,000 increase. The softer labor print reinforced bets that policymakers will ease policy to support a cooling job market.

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