The price of fine gold at state-run mining company Aneka Tambang (Antam) surged to a new all-time high on Monday, nearing the Rp 2 million mark per gram.
Antam set the price of its gold at Rp 1.98 million ($117.75) per gram, reflecting a Rp 15,000 increase from the previous day. The buyback price also rose by the same amount, reaching Rp 1.83 million per gram, with buyback transactions subject to up to 3 percent income tax. This new price surpasses the previous record of Rp 1.975 million per gram, set just four days earlier.
In a significant development for Indonesia’s mining industry, Antam received its first gold bar shipment from Freeport Indonesia in February. The shipment, which weighed 125 kilograms and was valued at approximately Rp 207 billion ($12.7 million), marked a milestone for Freeport as Indonesia’s first fully integrated mining company. This integration allows Freeport to refine anodes from impure metals into gold bars, covering the full range of operations from mining to processing. The 99.99 percent pure gold bars were part of a five-year sale agreement between Freeport and Antam, signed on November 7, 2024. The deal entails the delivery of 30 tons of gold, valued at an estimated $12.5 billion (Rp 200 trillion).
The surge in Antam’s gold prices follows a global trend as gold prices have reached record highs amid rising trade tensions and economic uncertainty. On Monday, spot gold rose by 1.4 percent to $3,373.70 per ounce, peaking at $3,385.08.
Analysts attribute the rise in gold prices to investors seeking safe-haven assets amidst market volatility. Commodity market analyst Ibrahim Assuaibi suggested that global gold prices could continue to climb, potentially surpassing $3,400 an ounce by the end of April. He noted that the ongoing economic uncertainty, particularly related to US President Donald Trump’s sweeping tariff policies, is driving the surge in demand. “If the $3,400 level is surpassed, gold prices could potentially reach a new high of $3,600 an ounce,” Assuaibi remarked.
The global economic outlook remains uncertain, with China resisting US demands and retaliating with higher tariffs on US goods. There are also concerns that China may reduce its holdings of US Treasury securities, further intensifying global economic pressures.
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