Jakarta. The price of fine gold bars at state-run mining company Aneka Tambang (Antam) reached a new record on Monday, approaching the Rp 2 million mark per gram.​

Antam's gold was priced at Rp 1.98 million ($117.75) per gram, marking a Rp 15,000 increase from the previous day's rate. The buyback price also rose by the same amount, reaching Rp 1.83 million per gram. Buyback transactions are subject to up to 3 percent income tax.​

This surpasses the previous record of Rp 1.975 million per gram set four days earlier.​

In February, Antam received its first delivery of gold bars from copper and gold mining company Freeport Indonesia, signifying a significant milestone in Indonesia’s mining industry. The initial shipment weighed 125 kilograms and was valued at approximately Rp 207 billion ($12.7 million). This delivery establishes Freeport as Indonesia’s first fully integrated mining company, capable of refining anodes from impure metals into gold bars—from upstream mining operations to downstream processing.​

The shipment of 99.99 percent pure gold bars is part of a five-year sale and purchase agreement signed between Freeport and Antam on November 7, 2024. The deal encompasses the delivery of 30 tons of gold, estimated to be worth $12.5 billion (Rp 200 trillion).​

The surge in Antam's gold prices aligns with a global trend, as gold prices have reached record highs amid escalating trade tensions and economic uncertainty. On Monday, spot gold rose by 1.4 percent to $3,373.70 per ounce, after peaking at $3,385.08.

Analysts attribute the rise to investors seeking safe-haven assets amid market volatility. 

Commodity market analyst Ibrahim Assuaibi noted that global gold prices could continue to rise, potentially topping $3,400 an ounce by the end of April. He cited market turmoil and uncertainties amid sweeping tariff policies imposed by US President Donald Trump as key factors driving the surge. "If the $3,400 level is passed, gold prices may go further to a new level of $3,600 an ounce," Ibrahim said.​

The global economic outlook remains highly uncertain, with China indicating it will not acquiesce to US demands and tariff pressures, instead retaliating with higher tariffs on US goods. This has led to speculation about potential moves by China, such as reducing holdings of US. Treasury securities, which could further impact the global economy.​