Jakarta. Gold prices continued to weaken on Wednesday, tracking declines in the global market as a stronger US dollar and hawkish remarks from Federal Reserve officials pressured the precious metal.

State-run gold refiner Aneka Tambang (Antam) slashed its gold bar price by Rp 26,000 to Rp 2,260,000 ($135.12) per gram, a sharp reversal after briefly rising by Rp 8,000 a day earlier.

On Monday, the price had already fallen Rp 12,000 to Rp 2,278,000. Antam’s all-time high was recorded at Rp 2,487,000 per gram on October 21. Meanwhile, Antam’s buyback price also dropped Rp 26,000 to Rp 2,125,000 per gram on Wednesday. 

Antam Gold Price (Wednesday, Nov. 5):

• 0,5 gram: Rp 1,180,000
• 1 gram: Rp 2,260,000
• 2 gram: Rp 4,460,000
• 3 gram: Rp 6,665,000
• 5 gram: Rp 11,075,000
• 10 gram: Rp 22,095,000
• 25 gram: Rp 55,112,000
• 50 gram: Rp 110,145,000
• 100 gram: Rp 220,212,000
• 250 gram: Rp 550,265,000
• 500 gram: Rp 1,100,320,000
• 1.000 gram: Rp 2,200,600,000

On the international market, spot gold dropped 1 percent to $3,961.64 per ounce as of 11:21 p.m. New York time on Tuesday, according to goldprice.org.

Dupoin Futures Indonesia analyst Andy Nugraha said that gold remains under selling pressure as the market reacts to the Fed’s cautious stance.

“From a technical view, the bearish trend is still dominant. If the downward momentum persists, gold could weaken toward $3,818. However, if that support holds, a short-term rebound might occur around $3,971,” Andy said Wednesday.

He added that the shift in sentiment toward a longer period of higher US interest rates continues to weigh on gold.

“As long as the Fed refrains from giving a consistent dovish signal, the pressure on gold prices is likely to continue,” he said.

Several Fed officials offered differing views this week. Governor Lisa Cook noted that inflation remains above the 2 percent target and could stay elevated due to import tariffs. Chicago Fed President Austan Goolsbee warned that cutting rates too quickly might undermine inflation control, while Governor Stephen Miran said financial conditions alone should not dictate policy direction.

These mixed messages prompted traders to scale back expectations for a December rate cut. CME FedWatch Tool data showed the probability of a 25-basis-point cut slipping to 70 percent from 94 per cent previously, strengthening the dollar and adding further downside to gold.

Still, UBS maintained a bullish long-term view, calling the recent decline a “pause” before another rally. The bank kept its gold price projection at $4,200 per ounce, with potential upside to $4,700 amid rising geopolitical risks or renewed market volatility.

Andy said long-term demand remains strong despite short-term swings. “In the near term, investors should stay cautious and monitor key support and resistance zones while waiting for the next batch of US data and Fed statements,” he added.