Jakarta. Antam gold prices continued to climb on Tuesday, rising Rp 14,000 to Rp 2,954,000 ($175.80) per gram, extending this year’s strong upward trend amid heightened volatility in global bullion markets.

Data from Logam Mulia showed the price had already jumped Rp 20,000 to Rp 2,940,000 per gram on Monday. Since the start of 2026, Antam gold has gained roughly 18% from Rp 2,488,000 per gram recorded on Jan. 1.

Despite the rally, the metal remains below its all-time high of Rp 3,168,000 per gram reached on Jan. 29.

The buyback price also increased Rp 14,000 to Rp 2,748,000 per gram on Tuesday.

Antam Gold Price (Wednesday, Feb. 04):

• 0,5 gram: Rp 1,527,000
• 1 gram: Rp 2,954,000
• 2 gram: Rp 5,848,000
• 3 gram: Rp 8,747,000
• 5 gram: Rp 14,545,000
• 10 gram: Rp 29,035,000
• 25 gram: Rp 72,462,000
• 50 gram: Rp 144,845,000
• 100 gram: Rp 289,612,000
• 250 gram: Rp 723,765,000
• 500 gram Rp 1,447,320,000

Globally, gold prices have entered a period of elevated volatility that could reshape investor positioning, according to precious metals analysts at Heraeus.

Spot gold surged 1.93% to $5,056.66 per troy ounce, while US gold futures for April delivery settled 2% higher at $5,079.40 per troy ounce. As of Feb. 9 at 11:31 p.m. New York time, spot gold stood at $5,026.03 per ounce, up $59.77 or 1.20%, based on data from goldprice.org.

The previous week saw bullion briefly fall below the $5,000 threshold before rebounding.

Heraeus analysts noted gold prices have increased fivefold over the past decade even as the dollar index remains near 2015 levels, suggesting recent sharp declines may reflect leveraged position unwinding, triggered stop-loss orders, and rising margin requirements in futures markets as cited by Kitco. Exchanges have continued to raise margin requirements for forward positions, they added.

Amid the fluctuations, analysts warned investors to brace for continued volatility in the coming weeks and months. Although gold recovered more strongly than other precious metals last week, retracing over half of its decline, the rebound faded toward the end of the week.

They also cautioned that a new record high is unlikely in the near term, as cooling the excessive enthusiasm that drove prices sharply higher will likely take months rather than weeks. If weakness resumes, Heraeus projects gold could fall toward the $4,400 per troy ounce range.