Jakarta. Gold prices from Antam climbed sharply on Wednesday, rising Rp 21,000 to Rp 2,343,000 ($145.34) per gram, according to data from Logam Mulia.

This rebound came after prices fell Rp 29,000 a day earlier to Rp 2,322,000 per gram. Antam’s all-time high stands at Rp 2,487,000 per gram, recorded on Oct. 21, 2025. Antam’s buyback price also strengthened, up Rp 21,000 to Rp 2,204,000 per gram. 

Antam Gold Price (Wednesday, Nov. 19):

• 0,5 gram: Rp 1,221,,000
• 1 gram: Rp 2,343,000
• 2 gram: Rp 4,626,000
• 3 gram: Rp 6,914,000
• 5 gram: Rp 11,490,000
• 10 gram: Rp 22,925,000
• 25 gram: Rp 57,187,000
• 50 gram: Rp 114,295,000
• 100 gram: Rp 228,512,000
• 250 gram: Rp 571,015,000
• 500 gram Rp 1,141,820,000
• 1.000 gram: Rp 2,283,600,000

Pilarmas Investindo Sekuritas stated that the government’s plan to introduce a progressive gold export tax in 2026 could reshape industry dynamics. The scheme will apply to dore, granules, cast bars, and minted bars, with tariff brackets linked to global benchmark prices.

The brokerage said exporters of semi-refined gold may contend with tighter margins, while miners with downstream capabilities could gain an advantage from lower levies on finished products. According to Pilarmas, the policy might weigh on near-term sentiment but is expected to boost the sector’s long-term stability.

Global sentiment has also turned supportive. China is estimated to have added 15 tons of gold to its reserves in September 2025, well above the 1.24-ton figure in official disclosures, based on a Goldman Sachs analysis cited Wednesday.

The bank’s analysts said central banks collectively purchased around 64 tons of gold in September, more than triple the previous month’s volume, and they expect heavy buying to continue through November.

Goldman Sachs noted that central bank accumulation remains a major driver of global gold prices over the past three years, even as countries often report smaller-than-actual volumes. The investment bank maintained its projection for average monthly central bank buying of 80 tons through the fourth quarter of 2025 and into 2026. It also expects gold to hit $4,900 per ounce by the end of next year, backed by sustained sovereign demand and renewed interest from private investors as the Federal Reserve moves toward monetary easing.

Spot gold stood at $4,075.05 per ounce, up 0.05 percent as of 10:09 p.m. New York time on November 18, according to goldprice.org.