Jakarta. Antam gold prices inched higher on Thursday, Feb. 19, rising Rp 4,000 to Rp 2,916,000 ($172.18) per gram after recovering from a sharp drop a day earlier.

On Wednesday, Antam bullion had plunged Rp 40,000 to Rp 2,878,000 per gram before rebounding into positive territory at Rp 2,912,000. Since the start of 2026, Antam gold has gained around 17% from Rp 2,488,000 per gram recorded on Jan. 1.

The all-time high remains Rp 3,168,000 per gram, reached on Jan. 29, 2026.

Meanwhile, the buyback price also strengthened by Rp 5,000 to Rp 2,694,000 per gram on Wednesday.

Antam Gold Price (Thursday, Feb. 19):

• 0,5 gram: Rp 1,508,000
• 1 gram: Rp 2,916,000
• 2 gram: Rp 5,772,000
• 3 gram: Rp 8,633,000
• 5 gram: Rp 14,335,000
• 10 gram: Rp 28,655,000
• 25 gram: Rp 71,512,000
• 50 gram: Rp 141,045,000
• 100 gram: Rp 285,812,000
• 250 gram: Rp 714,265,000
• 500 gram Rp 1,428,320,000

Analysts expect the global gold rally to continue and potentially move beyond the $5,000 per troy ounce level. Commodity analysts at ANZ, as cited by Kitco, project gold could reach $5,800 per troy ounce in the second quarter of 2026, sharply higher than their previous $5,400 forecast.

As of Feb. 18 at 11:04 p.m. New York time, spot gold stood at $4,980.12 per ounce, up $92.56 or 1.89%, according to goldprice.org.

The ANZ analysts said recent volatility had raised questions about whether gold prices had peaked, especially after a steep pullback from last month’s record near $5,600 per ounce. However, they believe the rally is not mature enough to reverse in the near term.

The bank expects at least two Federal Reserve rate cuts this year, one in March and another in June, each by 25 bps, which would keep real interest rates declining and support inflows into gold. Easing inflation pressures could also open the door for a third cut in December.

Persistent geopolitical and economic uncertainty, including tariff threats and concerns over future Fed credibility, are also seen boosting investor demand for real assets such as gold.

Beyond US monetary policy, ANZ views gold as a key hedge amid rising global financial uncertainty and weakening appeal of government bonds due to mounting debt levels worldwide.

Gold, the analysts added, serves as a transitional asset that provides stability and diversification when conventional assets face pressure, reinforcing the case for strategic allocation until geopolitical stability improves, US fiscal issues are resolved, and confidence in the Fed is restored.