Jakarta. Gold prices in Indonesia held firm at elevated levels on Thursday, with Antam bullion steady at Rp 2,850,000 ($168.67) per gram, as global markets turned cautious amid geopolitical tensions and shifting interest rate expectations.

The domestic benchmark price remained unchanged from Wednesday’s level after a Rp 7,000 increase in the previous session. So far this year, Antam gold has surged about 16% from Rp 2,488,000 per gram recorded at the start of 2026, underscoring strong safe-haven demand despite recent volatility.

The metal previously hit an all-time high of Rp 3,168,000 per gram on Jan. 29, 2026.

Meanwhile, the buyback price dropped Rp 17,000 to Rp 2,490,000 per gram on Thursday.

Antam Gold Price (Thursday, Mar. 26):

• 0,5 gram: Rp 1,475,000
• 1 gram: Rp 2,850,000
• 2 gram: Rp 5,640,000
• 3 gram: Rp 8,435,000
• 5 gram: Rp 14,025,000
• 10 gram: Rp 27,995,000
• 25 gram: Rp 69,862,000
• 50 gram: Rp 139,645,000
• 100 gram: Rp 279,212,000
• 250 gram: Rp 697,765,000
• 500 gram Rp 1,395,320,000

Globally, gold prices began to stabilize after rebounding over the past two sessions, as investors weighed conflicting signals from the United States and Iran regarding potential peace negotiations to end the Middle East conflict.

Spot gold hovered around $4,510 per ounce early Thursday, according to Bloomberg data, following gains of more than 2% in the previous two sessions.

Market sentiment remains fragile. While Washington has indicated that communication channels with Tehran are still open and that a multi-point peace proposal has been prepared, Iran has publicly rejected the offer and put forward its own conditions.

The situation is further complicated by the US deploying thousands of military personnel to the region, raising fears of a possible ground invasion despite ongoing diplomatic efforts.

Since the conflict began nearly a month ago, gold prices have declined by almost 15% cumulatively. Notably, gold has recently moved in tandem with equities while diverging from oil prices.

A sharp rise in energy costs has fueled inflation concerns, prompting expectations that central banks may keep interest rates higher for longer or even tighten further. Higher rates tend to weigh on gold, as the metal does not offer yield.

Even so, mounting risks of an economic slowdown in the US could limit the scope for aggressive tightening. Wall Street has started to downgrade US growth forecasts while revising up projections for inflation and unemployment, reflecting growing concerns over the prolonged impact of the conflict.