Jakarta. Gold prices extended losses on Monday, with Antam’s gold bar price falling sharply by Rp 23,000 per gram to Rp 2,327,000, as global bullion prices also weakened amid investor profit-taking after recent record highs.

According to Logam Mulia, Antam’s gold price had already dropped Rp 4,000 on Friday to Rp 2.35 million ($141.41) per gram, capping a volatile week that saw prices swing between record gains and steep losses. On Tuesday (Oct. 21), Antam’s gold hit an all-time high (ATH) of Rp 2.487 million per gram, before plunging Rp 177,000 the following day to Rp 2.31 million.

Overall, Antam’s gold price shed Rp 65,000 over the past week. The buyback price also slipped Rp 23,000 to Rp 2.192 million per gram.

Gold price movements in Indonesia continue to mirror the global market trend, where spot gold prices dropped $4,075 per ounce, or 1.12 percent, to $130.94 per gram as reported by Goldprice.org. The decline came after gold’s rapid climb earlier this month, when prices had risen faster than the US stock market.

Still, underlying factors that previously drove gold demand, such as fears of rising global debt and persistent inflation risks, remain in play. The US government’s national debt recently surpassed $38 trillion, heightening worries over its long-term economic impact.

Antam Gold Prices (Monday, Oct. 27):

• 0,5 gram: Rp 1.213.500
• 1 gram: Rp 2.327.000
• 2 gram: Rp 4.604.000
• 3 gram: Rp 6.888.000
• 5 gram: Rp 11.450.000
• 10 gram: Rp 22.820.000
• 25 gram: Rp 56.885.000
• 50 gram: Rp 113.605.000
• 100 gram: Rp 227.060.000
• 250 gram: Rp 567.340.000
• 500 gram: Rp 1.134.400.000
• 1.000 gram: Rp 2.267.600.000

Gold transactions are subject to income tax under Finance Ministry Regulation No. 34/PMK.10/2017, with income tax (PPh 22) deductions applied to both purchases and buybacks depending on NPWP ownership.

Add as a preferred source on Google +