January 25, 2026 | 07:19 pm
TEMPO.CO, Jakarta - Gold prices in Indonesia continued to climb over the weekend, tracking a sharp rise in global bullion prices amid escalating geopolitical tensions and economic uncertainty.
The price of gold produced by state-owned miner PT Aneka Tambang (Persero) Tbk., commonly known as Antam, rose by Rp7,000 to Rp2,887,000 per gram on Saturday, January 24, 2026. At the same time, global gold prices surged to around US$4,900 per troy ounce.
Foreign exchange and commodities analyst Ibrahim Assuaibi, who is also director of PT Traze Andalan Futures, said global gold prices could extend their rally in the coming days.
If the upward trend continues on Monday, January 26, he projected that gold could reach US$5,020 per troy ounce, which would likely push Antam gold prices to around Rp2,992,000 per gram.
“If the momentum is sustained, global gold prices could climb further toward US$5,100 per troy ounce by Saturday,” Ibrahim said in a statement on Sunday, January 25, 2026.
Under that scenario, domestic gold prices could rise to approximately Rp3,092,000 per gram.
Ibrahim added that gold prices could surpass Rp3 million per gram by the end of February, provided global prices remain above the US$5,000 mark.
However, he cautioned that a reversal in market sentiment could push global gold prices back into the range of US$4,904 to US$4,960 per troy ounce, with Antam gold falling to between Rp2,752,000 and Rp2,852,000 per gram.
According to Ibrahim, gold price movements are being driven by a combination of geopolitical risks, trade tensions, US political developments, and shifts in global supply and demand.
Geopolitical uncertainty has intensified following a dispute between the United States and the European Union over Greenland.
Former US President Donald Trump has threatened to impose additional tariffs on eight European Union countries supporting Greenland, prompting strong reactions from European leaders.
Tensions in the Middle East have also heightened, with the presence of US naval forces in the region and renewed threats targeting Iran’s nuclear facilities raising concerns about a potential military conflict.
Meanwhile, the prospect of new trade tariffs scheduled to take effect in February has further unsettled global markets.
On the supply side, Ibrahim noted that rising gold prices have been supported by continued purchases by major central banks. The People’s Bank of China has steadily increased its gold reserves, while similar strategies have been adopted by the central banks of Russia, India, Europe, and the United Kingdom.
“These purchases reflect concerns about the global economic outlook amid mounting geopolitical risks,” Ibrahim said. “In such conditions, gold remains a key hedging instrument.”
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