Gold Holds Firm

Gold Prices Edge Up, Hold Above $5,000 Amid Geopolitical Tensions

Gold prices posted modest gains on Tuesday afternoon (March 17), supported by strong safe-haven demand amid escalating geopolitical tensions linked to the Iran conflict. However, the upside remains limited as investors stay cautious ahead of the Federal Reserve’s upcoming monetary policy decision.

As of 5:00 PM WIB, spot gold rose 0.2% to $5,012.80 per troy ounce, while gold futures for April 2026 delivery climbed 0.3% to $5,016.80 per troy ounce.

According to ActivTrades analyst Ricardo Evangelista, gold continues to draw support from heightened safe-haven demand driven by geopolitical and economic uncertainty stemming from the Iran war.

The conflict intensified on Tuesday as Iran launched fresh attacks on the United Arab Emirates, entering its third week with at least 2,000 reported casualties and no clear signs of de-escalation.

Strikes targeting the UAE triggered fires at Fujairah port, a key oil export terminal where operations by state-owned ADNOC were halted. This disruption threatens to deepen the ongoing energy crisis, which has already pushed oil prices sharply higher.

Oil prices remain elevated above $100 per barrel, with the Strait of Hormuz largely restricted. Meanwhile, US allies have declined calls to deploy naval forces to escort tankers through the critical shipping route.

Rising energy prices have capped further gains in gold by reigniting inflation concerns and dampening expectations for interest rate cuts this year, Evangelista added.

While gold is traditionally viewed as a hedge against inflation, it tends to underperform in high-interest-rate environments due to the increased opportunity cost of holding non-yielding assets.

Market participants are now closely watching the Federal Reserve, which is widely expected to keep interest rates unchanged for a second consecutive meeting when it announces its policy statement on Wednesday.

In addition, investors are awaiting policy decisions from the European Central Bank, the Bank of England, and the Bank of Japan, all of which are set to hold their first meetings since the conflict began on February 28.

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Gold Prices Slip

Gold Prices Slip as Inflation Concerns Rise While Oil Surges Above $100

Global gold prices declined in Monday’s trading (March 16, 2026) as rising concerns over global inflation weighed on market sentiment.

The surge in oil prices, driven by escalating conflict in the Middle East, is expected to complicate central banks’ plans—including the Federal Reserve—to cut interest rates in the near term.

Spot gold fell 0.3% to $5,001.61 per ounce at 11:10 GMT. Meanwhile, U.S. gold futures for April delivery dropped 1.1% to $5,007.20 per ounce.

According to Natixis analyst Bernard Dahdah, the focus of the gold market has shifted from disruptions in the Strait of Hormuz to the longer-term inflation outlook.

“Higher oil prices mean higher inflation. This situation could force the Federal Reserve to pause its rate-cutting cycle,” he said.

The sharp rise in oil prices has become a key factor pressuring gold. Oil prices have remained above $100 per barrel, surging more than 40% this month and reaching their highest levels since 2022.

The rally has been fueled by intensifying geopolitical tensions after military strikes by the United States and Israel on Iran prompted Tehran to halt oil shipments through the Strait of Hormuz, a critical shipping route for global energy trade.

U.S. President Donald Trump has reportedly spoken with seven allied nations to help secure the strategic waterway after Iran launched continued attacks on vessels in the region.

The conflict between the United States and Israel against Iran has now entered its third week.

From the monetary policy perspective, investors are also closely watching the Federal Reserve’s two-day policy meeting scheduled this week. The U.S. central bank is widely expected to keep interest rates unchanged.

Several other major central banks will also hold policy meetings during the same period, including the European Central Bank, Bank of England, and Bank of Japan.

Market participants are waiting for policymakers’ views on how the Iran conflict could affect inflation, global economic growth, and the future direction of monetary policy.

In a research note, analysts at UBS said central banks are likely to remain cautious about inflation risks without immediately resorting to aggressive interest rate hikes.

However, UBS also warned that a prolonged conflict between the United States and Iran could weaken the global economy. Such conditions may ultimately boost safe-haven demand for gold.

Meanwhile, other precious metals showed mixed movements. Spot silver fell 2.1% to $78.86 per ounce, while platinum rose 2.6% to $2,076.23 per ounce. Palladium edged down 0.3% to $1,547.14 per ounce.

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Antam Gold Drops

Antam Gold Price Falls to Rp3,021,000 per Gram

The price of gold bars produced by PT Aneka Tambang Tbk (Antam) declined again in trading on Friday, March 13, 2026. According to official data from the Logam Mulia website, the price of Antam gold dropped by Rp21,000, bringing it to Rp3,021,000 per gram.

This correction places the gold price further away from its all-time high recorded on January 29, 2026, when it reached Rp3,168,000 per gram.

Antam Buyback Price Also Declines

Adjustments were also seen in the buyback price of Antam gold. Currently, the buyback value stands at Rp2,783,000 per gram, down Rp21,000 from the previous price of Rp2,804,000 per gram.

The price drop has affected several sizes of gold bars marketed by Antam. For smaller denominations, 0.5-gram gold bars are now priced at Rp1,560,500, slightly lower than the previous Rp1,571,000.

Meanwhile, 2-gram gold bars are sold at Rp5,982,000, down from Rp6,024,000. The price of 5-gram gold bars has also decreased to Rp14,888,000, compared to Rp14,985,000 previously.

Latest Antam Gold Prices (March 14, 2026)

Ahead of the weekend trading session, Antam gold bars are available in various sizes. Investors planning to purchase gold should prepare funds according to the following price list:

• 0.5 gram: Rp1,560,500

• 1 gram: Rp3,021,000

• 2 grams: Rp5,982,000

• 5 grams: Rp14,888,000

• 10 grams: Rp29,705,000

• 25 grams: Rp74,137,000

• 50 grams: Rp148,195,000

• 100 grams: Rp296,312,000

• 250 grams: Rp740,515,000

• 500 grams: Rp1,480,820,000

• 1,000 grams: Rp2,961,600,000

The latest decline in Antam gold prices may attract investors who are looking to buy gold during price corrections, especially as precious metals remain a popular safe-haven investment amid global economic uncertainty.

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Gold Stocks Decline

 Gold Mining Stocks Dip Despite Surging Gold Prices

Gold prices in the global market continue to surge amid escalating geopolitical tensions in the Middle East. However, the sharp rise in gold prices has not been followed by gains in the shares of gold mining companies.

According to Bloomberg data on Wednesday (March 11, 2026), spot gold closed 0.3% lower at US$5,176.46 per troy ounce, although it still recorded a 0.7% weekly gain. Earlier in the week, global gold prices briefly climbed above the US$5,200 per troy ounce level.

Despite the strong performance of gold prices, several Indonesian gold mining stocks have recently declined. Shares of PT Aneka Tambang Tbk (ANTM) fell 1.98% over the past week to Rp3,970 per share as of Wednesday (March 11, 2026). Meanwhile, PT Bumi Resources Minerals Tbk (BRMS) slipped 1.18% to Rp840 per share during the same period.

Two companies under the Merdeka Group also recorded losses. PT Merdeka Copper Gold Tbk (MDKA) dropped 1.75% to Rp3,370 per share, while PT Merdeka Gold Resources Tbk (EMAS) declined 1.23% to Rp8,000 per share in the past week.

Shares of PT Amman Mineral Internasional Tbk (AMMN) experienced the sharpest correction, plunging 9.84% to Rp5,500 per share. Meanwhile, PT Archi Indonesia Tbk (ARCI) also weakened 3.67% to Rp1,705 per share over the last seven days.

Global Risk Sentiment Pressures Gold Stocks

Kiwoom Sekuritas Head of Research Liza Camelia Suryanata explained that the decline in gold mining stocks is largely driven by negative global market sentiment related to the escalating geopolitical conflict in the Middle East.

Potential disruptions to global energy supply are creating macroeconomic risks that are weighing on the Jakarta Composite Index (IHSG) and global stock markets. As a result, gold mining stocks are being dragged down along with the broader market.

According to Liza, investors are increasingly shifting to a risk-off strategy, which leads them to reduce exposure to equities even though gold itself continues to act as a safe-haven asset.

“This situation is contributing to the decline in gold mining shares despite rising gold commodity prices,” she said on Wednesday (March 11, 2026).

Capital Outflows Add Pressure

A similar view was expressed by Muhammad Wafi, Head of Research at Korea Investment & Sekuritas Indonesia (KISI). He noted that the pressure on gold mining stocks is also caused by broader risk-off sentiment and capital outflows from the stock market.

Wafi added that stocks such as MDKA and AMMN face additional pressure due to their significant exposure to other commodities like nickel and copper, which can affect overall performance.

“Most gold mining stocks are currently fairly valued, and some are even trading at a premium because the market has already priced in the gold rally,” Wafi said.

Strong Gold Prices Support Future Performance

Despite the recent decline in share prices, Wafi believes the financial performance of gold mining companies could exceed their 2025 results, supported by higher average selling prices of gold.

However, operational challenges may limit growth in sales volumes. Production capacity constraints and government-regulated quotas under the RKAB (Work Plan and Budget) could restrict the ability of producers to increase supply quickly.

As a result, physical gold supply often struggles to keep up with the sudden surge in demand.

Positive Outlook for Gold Producers in 2026

Liza remains optimistic about the 2026 outlook for gold mining companies, supported by both external and internal factors.

Externally, rising global gold prices and continuous accumulation by central banks worldwide remain key catalysts. Internally, companies’ ability to increase production volumes and maintain cost efficiency will be crucial for improving financial performance.

She also highlighted that demand for physical gold remains very strong, as reflected by retail premiums that often exceed global spot prices.

To navigate market volatility, Liza emphasized that gold producers must prioritize cost-control strategies to maximize profit margins during the current commodity price rally.

Stock Picks and Target Prices

Meanwhile, Wafi suggested that gold mining companies should focus on reducing maintenance costs and accelerating the expansion of processing facilities.

Companies that operate purely in the gold industry and are currently expanding production capacity could benefit the most from the ongoing surge in gold prices.

Based on this outlook, Wafi recommends BRMS, ANTM, and MDKA as attractive investment options with target prices of:

• BRMS: Rp900 per share

• ANTM: Rp4,000 per share

• MDKA: Rp3,700 per share

These stocks could gain further momentum if the global gold rally continues and production capacity expands in the coming years.

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Eid Gold Demand

 Gold Demand Rises Ahead of Eid al-Fitr

Gold demand is expected to increase ahead of Eid al-Fitr as many Indonesians receive additional income from the Holiday Allowance (THR) during the Ramadan season.

According to Shaokai Fan, Head of Asia-Pacific (ex-China) and Global Head of Central Banks at the World Gold Council (WGC), public interest in gold in Indonesia typically rises during Ramadan and the period leading up to Eid al-Fitr. This trend reflects not only seasonal spending patterns but also the important role gold plays in household financial planning.

In Indonesia, gold holds a unique position by combining cultural value, liquidity, and long-term wealth protection. These factors make it an attractive asset, especially during periods when household cash flow temporarily increases.

Shaokai explained that the Ramadan and Eid festive season significantly influences household liquidity within a relatively short period.

“When people receive additional seasonal income such as the Holiday Allowance (THR), some allocate it to assets that can preserve long-term value, including gold,” Shaokai said in an official statement on Wednesday (March 11, 2026).

Beyond liquidity factors, cultural traditions and seasonal trends also play an important role in shaping market dynamics. In Indonesia, Ramadan and Eid al-Fitr often mark a surge in gold trading activity, reflecting both financial planning strategies and the deep cultural connection many Indonesians have with gold.

Although the increased buying activity tends to occur seasonally, the underlying motivation is usually long-term investment. Surveys show that Indonesian investors typically hold physical gold for around six years, highlighting its role as a long-term wealth preservation tool rather than a short-term trading asset.

Similar seasonal patterns can also be seen in other major gold markets around the world. In China, gold demand often rises ahead of the Chinese New Year, when gold is widely given as gifts symbolizing prosperity and good fortune. Meanwhile, in India, gold purchases usually increase during the wedding season, when gold plays a central role in both cultural traditions and family financial planning.

“These seasonal patterns highlight the broader role of gold in household portfolios,” Shaokai explained. “Amid macroeconomic uncertainty and pressure on purchasing power, gold is often viewed as a reliable asset for protecting long-term value.”

In addition, findings from the Indonesia Consumer Insights Analysis Report show that gold is the second most commonly owned asset among Indonesian investors after savings accounts. Many investors prioritize security and long-term stability in their investment decisions, reinforcing gold’s position as a key component of household wealth management.

During festive seasons, local gold producers and retailers frequently launch special-edition gold products, which attract both investors and gift buyers. These initiatives demonstrate the dynamic nature of Indonesia’s gold market and its responsiveness to cultural moments.

“These themed products can also expand demand beyond traditional investors, as purchase decisions are often influenced not only by financial considerations but also by symbolic and emotional values,” Shaokai concluded.

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Antam Gold Today

Antam Gold Price Today Rises to Rp3,047,000 per Gram – Check the Latest Price List

The price of gold bars produced by PT Aneka Tambang Tbk (Antam) increased in trading on Tuesday, March 10, 2026. According to official data from LogamMulia.com, the Antam gold price today reached Rp3,047,000 per gram, up Rp8,000 compared to the previous price.

Despite the increase, the current price remains below the all-time high recorded on January 29, 2026, when Antam gold reached Rp3,168,000 per gram.

Earlier, on Monday (March 9) morning, the price of Antam gold experienced a sharp drop of Rp55,000, bringing it down to Rp3,004,000 per gram. However, by the afternoon session, the precious metal rebounded strongly, rising Rp35,000 to Rp3,039,000 per gram.

Antam Gold Buyback Price Also Changes

Adjustments were also seen in the Antam gold buyback price, which refers to the price at which Antam repurchases gold from customers.

The buyback value previously dropped by Rp65,000, from Rp2,822,000 per gram to Rp2,757,000 per gram. Later in the afternoon, the buyback price recovered by Rp31,000 to Rp2,788,000 per gram.

In today’s trading session, the buyback price increased again by Rp14,000, reaching Rp2,802,000 per gram.

Latest Antam Gold Prices by Weight

Price adjustments also occurred across various Antam gold bar sizes. For example, the 0.5 gram gold bar is now priced at Rp1,573,500, up from Rp1,552,000 previously. Meanwhile, 2 grams of gold is currently priced at Rp6,034,000, and the 5 gram gold bar has increased to Rp15,010,000.

For investors looking to purchase larger quantities, Antam also offers gold bars in larger denominations. The 25 gram gold bar is currently sold at Rp74,787,000, while the 50 gram gold bar is priced at Rp149,495,000.

Complete Antam Gold Price List – March 10, 2026

• 0.5 gram: Rp1,573,500

• 1 gram: Rp3,047,000

• 2 grams: Rp6,034,000

• 5 grams: Rp15,010,000

• 10 grams: Rp29,965,000

• 25 grams: Rp74,787,000

• 50 grams: Rp149,495,000

• 100 grams: Rp298,912,000

• 250 grams: Rp747,015,000

• 500 grams: Rp1,493,820,000

• 1,000 grams: Rp2,987,600,000

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