Jakarta. Gold prices extended losses on Friday, with Antam bullion dropping further after a steep correction a day earlier, as global pressures weighed on safe-haven demand despite persistent geopolitical risks.

The price of Antam gold fell to Rp 2,893,000 per gram on Friday, March 20, down from Rp 2,943,000 per gram on Thursday after a sharp Rp 53,000 decline. Buyback prices also dropped Rp 55,000 to Rp 2,610,000 per gram.

Despite the recent pullback, Antam gold remains up roughly 16% year-to-date from Rp 2,488,000 per gram on Jan. 1. Prices previously reached an all-time high of Rp 3,168,000 per gram on Jan. 29.

Antam Gold Price (Friday, Mar. 20):

• 0,5 gram: Rp 1,496,500
• 1 gram: Rp 2,893,000
• 2 gram: Rp 5,726,000
• 3 gram: Rp 8,564,000
• 5 gram: Rp 14,240,000
• 10 gram: Rp 28,425,000
• 25 gram: Rp 70,937,000
• 50 gram: Rp 141,795,000
• 100 gram: Rp 283,512,000
• 250 gram: Rp 708,515,000
• 500 gram Rp 1,416,820,000

On international market, gold prices remained below $4,700 per ounce on Friday following a two-day sell-off, putting the metal on track for its worst weekly performance in six years, according to Trading Economics.

The downturn comes as surging energy prices driven by Middle East tensions stoke inflation concerns, dampening expectations for interest rate cuts. Higher energy costs and intensifying inflationary pressures have prompted investors to shift toward the US dollar and government bonds, reducing the appeal of gold even as a traditional safe-haven asset.

Market sentiment has also been shaped by a more hawkish stance from major central banks. The Federal Reserve held rates steady and signaled it would not cut until inflation clearly subsides. Meanwhile, the European Central Bank, Bank of Japan, and Bank of England also kept rates unchanged but indicated a bias toward tighter policy.

Markets have pushed back expectations for Fed rate cuts to 2027 and are now pricing in two rate hikes each from the ECB and BOE this year, further pressuring gold as cited by Trading Economics.

Separately, Traders Union analyst Anton Kharitonov observed that gold remains under persistent bearish momentum despite a macro backdrop that would typically support safe-haven demand. He highlighted that technical signals remain negative, while sentiment is dominated by risk aversion, even as central banks continue accumulating gold to hedge against rising geopolitical and trade tensions.

Kharitonov identified key levels at $4,800 and $5,050, with the broader structure pointing to consolidation unless a breakout occurs. He cautioned that as long as prices remain below $4,800, any rallies should be viewed as corrective moves within an uncertain structural outlook.