Jakarta. Gold prices extended their gains on Wednesday, with Aneka Tambang’s (Antam) benchmark gold climbing for a second consecutive day amid global market optimism and geopolitical tensions.

According to data from Logam Mulia, Antam’s gold price rose Rp 7,000 to Rp 2,367,000 ($141.5) per gram on Wednesday, Nov.  12, 2025, after surging Rp 27,000 the previous day. The latest rally brings the price closer to its all-time high of Rp 2,487,000 per gram, recorded on Oct. 21, 2025.

Meanwhile, Antam’s buyback price also strengthened by Rp 7,000 to Rp 2,232,000 per gram.

Antam Gold Price (Wednesday, Nov. 12):

• 0,5 gram: Rp 1,233,500
• 1 gram: Rp 2,367,000
• 2 gram: Rp 4,674,000
• 3 gram: Rp 6,986,000
• 5 gram: Rp 11,610,000
• 10 gram: Rp 23,165,000
• 25 gram: Rp 57,787,000
• 50 gram: Rp 115,495,000
• 100 gram: Rp 230,912,000
• 250 gram: Rp 577,015,000
• 500 gram Rp 1,153,820,000
• 1.000 gram: Rp 2,307,600,000

On the international market, gold traded higher at $4,121.53 per ounce, up 0.18 percent, as of Nov. 11, 2025, 10:27 p.m. New York time, according to goldprice.org.

Commodity market observer Ibrahim Assuaibi from Traze Andalan Futures said gold remains on track to test $4,200 per ounce this week. He said the rally is fueled by ongoing US political uncertainty, Federal Reserve policy expectations, renewed US-China trade tensions, and geopolitical risks in Europe.

“The US government shutdown has impacted nearly 170,000 federal workers, weakening employment data and reinforcing expectations for a rate cut by the Fed in December,” Ibrahim said.

Markets are also awaiting a statement from Fed Chair Jerome Powell, which could set the tone for gold’s next move.

Tensions between the US and China, particularly Washington’s new restrictions on technology exports, have added to the safe-haven demand for gold. Meanwhile, drone strikes by Ukraine on Russian energy infrastructure further bolstered risk aversion in Europe.

“Rising energy prices from ongoing geopolitical turmoil are pushing global gold prices higher,” Ibrahim said, adding that central banks worldwide continue to stockpile gold, keeping supply tight and prices firm.