Jakarta. Indonesia’s benchmark Antam gold price surged again on Wednesday, jumping Rp 35,000 to Rp 2,772,000 ($163.50) per gram and setting a fresh all-time high, as global investors piled into safe-haven assets amid escalating geopolitical and trade tensions.

Data from the Logam Mulia website showed Antam gold had already climbed Rp 2,000 to Rp 2,705,000 per gram on Tuesday morning before accelerating sharply by Rp 32,000 to Rp 2,737,000 by the afternoon — the previous record high.  The rally extended into Wednesday, pushing prices to new uncharted territory.

The buyback price also jumped, rising Rp 34,000 to Rp 2,612,000 per gram.

Antam Gold Price (Wednesday, Jan. 21):

• 0,5 gram: Rp 1,436,500
• 1 gram: Rp 2,772,000
• 2 gram: Rp 5,484,000
• 3 gram: Rp 8,201,000
• 5 gram: Rp 13,635,000
• 10 gram: Rp 27,215,000
• 25 gram: Rp 67,912,000
• 50 gram: Rp 135,745,000
• 100 gram: Rp 271,412,000
• 250 gram: Rp 678,265,000
• 500 gram Rp 1,356,320,000

The domestic rally mirrored a powerful surge in global bullion prices. Spot gold vaulted past the psychological $4,700-per-ounce mark for the first time on Tuesday, driven by renewed fears over trade protectionism and geopolitical confrontation.

According to goldprice.org, spot gold stood at $4,836.39 per ounce as of Jan. 20 at 09:58 New York time, up $157.86 or 3.37% on the day.

Market anxiety intensified after US President Donald Trump threatened additional tariffs on European allies, unsettling global risk sentiment and triggering a broad flight to safety. Tensions were further inflamed by Washington’s increasingly assertive stance toward Greenland, prompting European leaders to weigh possible countermeasures and deepening political uncertainty.

A weaker US dollar, hovering near a one-week low, added momentum to the gold rally. At the same time, heavy sell-offs in global equities and US government bonds underscored investors’ shift away from risk assets, with funds flowing instead into traditional shelters such as gold and the Swiss franc.

Concerns are also resurfacing about a return of trade-war-style volatility reminiscent of 2025, which previously weighed heavily on global growth. European Union leaders are scheduled to convene an emergency summit in Brussels on Thursday to discuss the latest developments.

Analysts say the move above $4,700 per ounce reflects a buildup of geopolitical stress since early 2025. Gold has historically been viewed as the most reliable hedge when confidence in fiat currencies, particularly the US dollar, is undermined by protectionist policies and inflationary risks.

Under Trump’s renewed “America First” agenda, global trade dynamics have shifted markedly. His administration’s interest in Greenland is widely seen not only as a territorial issue, but also as part of a broader contest over access to strategic Arctic resources and shipping routes.

As some major economies signal a willingness to reassess their exposure to US assets, gold’s appeal has strengthened as an instrument free from counterparty risk, reinforcing its role as the ultimate store of value for both central banks and retail investors worldwide.