Antam Gold Price Under Pressure, Analyst Sees Potential to Reach Rp3 Million per Gram
Antam gold prices have fallen significantly from their record high reached in early 2026. Despite the recent decline, the outlook for gold prices through the end of the year remains positive, with current levels still considered attractive for gradual accumulation.
On Thursday (September 10, 2026), the price of Antam gold stood at Rp2.625 million per gram, significantly below its record high of Rp3.168 million per gram reached in late January 2026. Meanwhile, Antam’s gold buyback price was recorded at Rp2.475 million per gram.
Doo Financial Futures currency analyst Lukman Leong said the outlook for gold prices through the end of 2026 remains relatively positive. The analyst consensus expects international spot gold prices to reach around $4,800 to $5,000 per ounce, representing potential upside of more than 10%.
“Gold’s outlook through the end of 2026 remains quite positive, with analyst consensus expecting international spot gold prices to range between $4,800 and $5,000 per ounce,” Lukman told Kontan on Thursday (September 10, 2026).
Assuming the Indonesian rupiah remains around its current level against the U.S. dollar, Lukman estimates that Antam gold prices could reach between Rp2.9 million and Rp3 million per gram by the end of 2026.
Gold Remains Attractive for Gradual Accumulation
Lukman acknowledged that gold prices are currently relatively high compared with their levels a month ago. However, he believes current prices remain attractive for investors looking to begin accumulating gold.
Investors should not expect gold prices to rise in a straight line through the end of the year, he said. Instead, periods of price corrections could provide opportunities to gradually increase gold holdings.
Under this strategy, a decline in gold prices can be viewed as an opportunity to accumulate rather than a reason to exit the market. The approach may be particularly suitable for investors with medium- to long-term investment horizons.
With the international gold market still supported by a positive outlook, Antam gold prices could have room to recover toward the Rp3 million-per-gram level by the end of 2026, provided global gold prices and the rupiah exchange rate remain supportive.