Gold prices at state-owned miner Aneka Tambang, widely known as Antam, extended gains on Monday as domestic bullion continued to track record-high levels in the global market.

Antam’s 1-gram gold bar rose Rp 2,000 to Rp 2,464,000 on Monday, according to Logam Mulia. The price had climbed Rp 9,000 over the weekend to Rp 2,462,000 per gram on Saturday. Antam gold remains close to its all-time high of Rp 2,487,000 per gram, recorded on Oct. 21, 2025.

The company’s buyback price also increased by Rp 2,000 on Monday to Rp 2,324,000 per gram.

Antam Gold Price (Monday, Dec. 15):

• 0,5 gram: Rp 1,282,000
• 1 gram: Rp 2,464,000
• 2 gram: Rp 4,868,000
• 3 gram: Rp 7,277,000
• 5 gram: Rp 12,095,000
• 10 gram: Rp 24,135,000
• 25 gram: Rp 60,212,000
• 50 gram: Rp 120,345,000
• 100 gram: Rp 240,612,000
• 250 gram: Rp 601,265,000
• 500 gram Rp 1,202,320,000

Market participants expect gold to remain volatile this week, though analysts broadly view any pullback as a buying opportunity. Expectations that tame inflation and slowing economic activity will push the Federal Reserve toward more aggressive rate cuts next year continue to underpin sentiment.

On the international market, data from goldprice.org showed spot gold at $4,324.06 per ounce as of Dec. 14 at 10:30 p.m. New York time, up 28.75 points or 0.67 percent. Gold posted its highest weekly close on record after gaining about 2.51 percent last week and has surged 63.83 percent so far in 2025.

FXTM Senior Market Analyst Lukman Otunuga, as quoted by Kitco, said gold’s momentum remained strongly bullish, leaving room for further upside. He noted that sustained trading above the $4,300 level could open the way toward $4,400 or higher, while a drop below that threshold could trigger a correction toward the $4,240–$4,200 range. Lukman added that markets were already pricing in at least two US rate cuts next year, giving gold’s positive outlook a solid foundation, alongside a broadly weaker dollar and continued central bank buying that could support prices into 2026.

Still, analysts cautioned that the start of the holiday season could lift volatility, as thinner trading volumes in the final full trading week of 2025 may amplify sharp price swings and generate misleading technical signals.

FP Markets Chief Market Analyst Aaron Hill projected gold to trade within a wide $4,250–$4,380 per troy ounce range, while maintaining a bullish bias. He identified $4,255 as a key support level, warning that a break below it could quickly send prices toward $4,200, but said dips would likely be viewed as buying opportunities as long as support holds.

Gold volatility may also increase with a packed US data calendar this week. The US Labor Department is set to release October and November employment figures, along with November inflation data. Economists expect payroll growth of around 50,000, signaling further labor market cooling, while consumer inflation is forecast to edge above 3 percent.

Commodity analysts said the combination of slowing growth and persistent inflation pressures continues to favor gold, as it strengthens the case for the Fed to begin cutting rates sooner rather than later. In Europe, the Bank of England and the European Central Bank will also hold their final policy meetings of the year, with the BoE expected to further ease policy and the ECB likely to keep rates unchanged. Analysts are watching for potential euro support from the ECB, which could add to dollar weakness and provide an additional tailwind for gold into year-end.

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