Jakarta. Gold prices in the domestic market surged to fresh record highs on Tuesday, led by a sharp jump in Antam bullion prices amid heightened global risk aversion and strong safe-haven demand.

Gold bars produced by Aneka Tambang (Antam) soared Rp 59,000 to a new all-time high of Rp 2,561,000 ($152.71) per gram.

 This marked a fresh record after Antam gold had already set a previous peak on Monday, when prices rose Rp 11,000 to Rp 2,502,000 per gram, based on data from the Logam Mulia website.

Antam’s buyback price also climbed steeply on Tuesday, rising Rp 59,000 to Rp 2,420,000 per gram.

Antam Gold Price (Tuesday, Dec. 23):

• 0,5 gram: Rp 1,330,500
• 1 gram: Rp 2,561,000
• 2 gram: Rp 5,062,000
• 3 gram: Rp 7,568,000
• 5 gram: Rp 12,580,000
• 10 gram: Rp 25,105,000
• 25 gram: Rp 62,637,000
• 50 gram: Rp 125,195,000
• 100 gram: Rp 250,312,000
• 250 gram: Rp 625,515,000
• 500 gram Rp 1,250,820,000

On the global market, gold and silver also posted new record highs as investors grew increasingly cautious toward risk assets. February gold futures settled up 1.9% at $4,469.40 per ounce, while spot gold climbed nearly 2% to $4,440.26 per ounce, bringing year-to-date gains close to 70%.

Data from goldprice.org showed gold trading at $4,493.14 per ounce as of Dec. 22 at 9:40 p.m. New York time, up 153.04 points or 3.54% on the day.

Pilarmas Investindo Sekuritas said in a research note that the rally occurred amid weakness in risk assets, despite interest rate cuts by the Federal Reserve. The brokerage noted that concerns over the global economic outlook and widening fiscal deficits in advanced economies had reinforced demand for precious metals as safe-haven assets. According to Pilarmas, the surge in gold prices reflected rising risk aversion and portfolio shifts toward hedging instruments, alongside market concerns over fiscal credibility and medium- to long-term inflation pressures, particularly in the United States and Europe.

Meanwhile, J.P. Morgan projected that gold prices could approach $5,055 by the end of 2026, supported by persistent uncertainty over US trade tariffs, strong demand from exchange-traded funds and central banks, as well as buying interest from the crypto community.

Citing Kitco, the bank maintained a constructive outlook for gold in 2026. Its head of global commodities strategy, Natasha Kaneva, assessed that while the gold rally might not move in a straight line, the underlying trend had yet to run its course. She also noted that long-term official reserve accumulation and investor diversification into gold were expected to persist, potentially lifting prices toward $5,000 per troy ounce by late 2026.

J.P. Morgan added that a weaker US dollar, lower US interest rates, and ongoing economic and geopolitical uncertainty were likely to further underpin gold prices, with the metal continuing to function as a hedge against currency depreciation and a non-yielding alternative to US government bonds and money market instruments.