Jakarta. Indonesia’s benchmark gold bar price, Antam, extended its decline on Monday, slipping another Rp 1,000 to Rp 2,340,000 ($140) per gram, according to data from Logam Mulia.

This follows a Rp 7,000 drop on Saturday, taking Antam’s gold price further away from its all-time high of Rp 2,487,000 per gram recorded on Oct. 21.

Antam’s buyback price also weakened by Rp 1,000 to Rp 2,201,000 per gram on Monday.

Antam Gold Price (Monday, Nov. 24):

• 0,5 gram: Rp 1,220,000
• 1 gram: Rp 2,340,000
• 2 gram: Rp 4,620,000
• 3 gram: Rp 6,905,000
• 5 gram: Rp 11,475,000
• 10 gram: Rp 22,895,000
• 25 gram: Rp 57,112,000
• 50 gram: Rp 114,145,000
• 100 gram: Rp 228,212,000
• 250 gram: Rp 570,265,000
• 500 gram Rp 1,140,320,000
• 1.000 gram: Rp 2,280,600,000

Global prices also retreated. Goldprice.org quoted spot gold at $4,045.97 per ounce as of Nov. 23 at 10:18 New York time, down 33.97 points (0.83 percent).

Commodity analyst Ibrahim Assuaibi said the pullback reflects a strengthening US dollar and rising geopolitical uncertainty, which could drag gold below $4,000 per troy ounce. The dollar index has been lifted by stronger-than-expected US September labor data, while Federal Reserve officials continue to send mixed signals on whether rates will stay higher for longer.

Market sensitivity to rate expectations keeps gold’s short-term direction tied closely to upcoming US economic data. “Serious discussions on rate cuts will only gain momentum in December,” Ibrahim said.

On the geopolitical front, tensions between Russia and Ukraine have intensified after a ceasefire proposal backed by the Trump administration failed to gain traction with Ukrainian President Volodymyr Zelenskyy. Ibrahim said the uncertainty is fueling caution and heightening volatility across safe-haven assets.

International analysts cited by Kitco added that gold’s relationship with the dollar and bond yields will become increasingly important ahead of the Fed’s final policy meeting of the year. Markets currently assign a roughly 69 percent probability of a December rate cut, though several economists see the likelihood as closer to 50:50, keeping gold vulnerable to further corrections if US data surprises on the upside.

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