Gotrade News - Indonesia's Antam gold price fell IDR 20,000 on Friday, May 15, to IDR 2,819,000 (roughly USD 160) per gram. The buyback price at PT Aneka Tambang, Indonesia's state-owned gold producer, was set at IDR 2,636,000 per gram for the same session.
The local pullback tracked a softer global tape, with spot gold slipping 0.4% to USD 4,669.48 per ounce on Thursday's late session. A firmer US dollar, rising oil prices, and renewed doubts about near-term Federal Reserve rate cuts weighed on safe haven demand.
Key Takeaways
- Antam gold dropped IDR 20,000 to IDR 2,819,000 per gram, with buyback at IDR 2,636,000.
- Spot gold fell 0.4% to USD 4,669.48 per ounce as the dollar index rose 0.3%.
- Markets are watching Middle East tensions, a Trump-Xi meeting, and hot US inflation prints.
Drivers of the Gold Pullback
According to Kumparan, Galeri24, another major Indonesian gold retailer, also cut prices by IDR 8,000 to IDR 2,828,000 per gram on Friday. The retail tax framework under PMK 48/2023 still applies a 0.25% income tax on gold sales, down from the previous 0.45% rate.
Globally, US June gold futures slipped 0.4% to USD 4,685.30 per ounce as the dollar index advanced 0.3% in Thursday trade. Oil prices climbed after reports of a sunken Indian cargo ship and a vessel seized near the UAE allegedly bound for Iran.
As reported by Kompas, Peter Grant of Zaner Metals said higher energy costs are stoking inflation and reinforcing dollar strength. He added that the combination is keeping gold under pressure even as geopolitical risk remains elevated.
Stronger-than-expected US producer and consumer price data have also pared bets on aggressive Fed rate cuts this year. Higher real yields typically lift the opportunity cost of holding non-yielding assets like bullion and gold-linked ETFs such as SPDR Gold Shares (GLD).
What Safe Haven Investors Are Watching
Per IDXChannel, the new Antam prices apply at the Butik Emas Logam Mulia outlet in Setiabudi One, Jakarta. Indonesian buyers often use Antam bars as a hedge against rupiah weakness and domestic inflation.
Bart Melek of TD Securities warned that significant downside risk remains for gold if regional conflict in the Middle East stays unresolved. Investors are also tracking a potential Trump-Xi meeting that could reshape global trade and currency expectations.
For international investors, vehicles like iShares Gold Trust (IAU) offer direct bullion exposure without physical storage. Producer baskets such as VanEck Gold Miners ETF (GDX) add operational leverage when bullion stabilizes.
