Jakarta. Gold prices retreated on Tuesday after a sharp rally a day earlier, as escalating tensions in the Middle East rattled global commodity markets and sent energy prices surging.

Gold bars produced by state-owned miner Aneka Tambang, or Antam, fell Rp 13,000 to Rp 3,122,000 ($185.16) per gram. The correction came after Monday’s surge of Rp 50,000, which had lifted prices to Rp 3,135,000 per gram.

Despite the pullback, Antam gold remains up roughly 25% year-to-date. On Jan. 1, the precious metal was priced at Rp 2,488,000 per gram. Its all-time high stands at Rp 3,168,000 per gram, recorded on Jan. 29, 2026.

The buyback price, the rate at which Antam repurchases gold from customers, also slipped Rp 13,000 to Rp 2,901,000 per gram.

Antam Gold Price (Tuesday, Mar. 3):

• 0,5 gram: Rp 1,611,000
• 1 gram: Rp 3,122,000
• 2 gram: Rp 6,184,000
• 3 gram: Rp 9,251,000
• 5 gram: Rp 15,385,000
• 10 gram: Rp 30,715,000
• 25 gram: Rp 76,662,000
• 50 gram: Rp 153,245,000
• 100 gram: Rp 306,412,000
• 250 gram: Rp 765,765,000
• 500 gram Rp 1,531,320,000

Global gold prices also climbed. According to goldprice.org, as of Mar. 2 at 10:47 p.m. New York time, spot gold stood at $5,367.83 per ounce, up $87.76 or 1.66%.

The rally in bullion came as oil and gas prices spiked following Israeli and US strikes on Iran and Tehran’s retaliation. The escalation forced the closure of several oil and gas facilities in the Middle East and disrupted shipping traffic in the Strait of Hormuz.

Brent crude briefly jumped as much as 13% to $82.37 per barrel, its highest level since January 2025, before settling up $4.87, or 6.7%, at $77.74 per barrel. Gains extended in after-hours trading after Iran’s Revolutionary Guard threatened to burn any vessel attempting to cross the Strait of Hormuz.

Market fears center on prolonged supply disruptions that could fuel inflation and weigh on global growth, including pushing up US retail gasoline prices.

Daniel Yergin, vice chairman of S&P Global, said the critical issue for markets is the scale and duration of supply losses and how major global powers respond to the unfolding conflict.

Saudi Arabia has shut its largest domestic refinery after it was hit by a drone strike, while Qatar suspended liquefied natural gas production. State-owned QatarEnergy is reportedly preparing to declare force majeure on LNG shipments.

The widening conflict has also left around 150 vessels stranded near the Strait of Hormuz after a sailor was killed and at least three tankers were damaged.

Under normal conditions, roughly one-fifth of global oil consumption passes through the Strait of Hormuz each day. The waterway is also a key route for diesel, gasoline and other refined fuels bound for major Asian markets such as China and India, as well as about 20% of global LNG trade.

JPMorgan Chase warned that shipping disruptions lasting three to four weeks in the Strait of Hormuz could force Gulf producers to halt output and potentially drive Brent crude above $100 per barrel.