Jakarta. Gold prices from state-owned miner Aneka Tambang (Antam) tumbled again on Monday, losing Rp 12,000 to Rp 2,278,000 ($136.77) per gram, extending last weekend’s decline as global gold prices retreated from record highs.

According to Logam Mulia, Antam’s gold price had already fallen Rp 15,000 on Saturday to Rp 2,290,000 per gram, after briefly soaring Rp 42,000 to Rp 2,305,000 on Friday morning. Antam’s all-time high remains Rp 2,487,000 per gram, set on Oct. 21, 2025.

The buyback price also slipped Rp 12,000 to Rp 2,143,000 per gram on Monday. Under the Finance Ministry’s Regulation No. 34/PMK.10/2017, gold buyback transactions above Rp 10 million are subject to a 1.5 percent income tax (PPh 22) for taxpayers with a Tax ID (NPWP) and 3 percent for those without.

On the international stage, spot gold traded around $4,000 per troy ounce late last week, easing from a record $4,381 reached less than two weeks ago. Despite the recent correction, gold has still surged nearly 55 percent year-to-date, supported by expectations of lower US interest rates and persistent inflation concerns.

Commodity analyst Ibrahim Assuaibi said gold could remain volatile at the start of the week, identifying the first support level at $3,935 and resistance between $4,080–$4,145 per troy ounce.

Meanwhile, strategists at Bank of America (BofA) argue that gold remains the best hedge amid economic uncertainties. The bank expects continued gains through 2025, projecting an average price of $3,800 per ounce this year and raising its 2026 forecast to $5,000, up nearly 20 percent from current levels.

BofA cited ongoing economic recovery, anticipated US rate cuts, and expansionary fiscal policies, including new tariffs under President Donald Trump, as potential inflationary triggers that could drive demand for gold.

In its report, BofA mentioned that if the ongoing AI-fueled equity rally loses momentum and valuations start to compress, gold could potentially outperform stocks. The bank added that the precious metal would then serve not only as a hedge against inflation but also as protection from excessive exposure to growth assets.

The report also highlighted that gold represents only 0.4 percent of private client assets and 2.4 percent of institutional portfolios, even as global gold funds recorded $7.5 billion in outflows in recent weeks.

Antam Gold Price (Monday, Nov. 3):

• 0,5 gram: Rp 1,189,000
• 1 gram: Rp 2,278,000
• 2 gram: Rp 4,506,000
• 3 gram: Rp 6,741,000
• 5 gram: Rp 11,205,000
• 10 gram: Rp 22,330,000
• 25 gram: Rp 55,660,000
• 50 gram: Rp 111,155,000
• 100 gram: Rp 222,160,000
• 250 gram: Rp 555,090,000
• 500 gram: Rp 1,109,900,000
• 1.000 gram: Rp 2,218,600,000 (dropped 0.54 percent)

Purchases of Antam gold bars are also subject to income tax under Finance Ministry Regulation No. 34/PMK.10/2017, which imposes a 0.45 percent PPh 22 for buyers with a Tax ID (NPWP) and 0.9 percent for those without. Each transaction comes with a PPh 22 withholding slip.

Based on goldprices.org, the global gold market rose slightly by 0.49 percent to $4,004.18 per ounce as of November 2, 10:00 p.m. New York time.

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