PT Aneka Tambang Tbk (Antam) lowered its gold bar price by Rp 20,000 to Rp 2,545,000 per gram on Saturday (7/11), according to the Logam Mulia website as monitored by Antara at 09.04 WIB. The previous level was Rp 2,565,000 per gram. The company’s buyback price also fell, to Rp 2,350,000 per gram.
The domestic move follows a weaker global picture. Global gold fell below US$4,000 per ounce this week after nearing US$5,600 in January, according to NPR. Our own market data put spot gold at $4,070.93 an ounce as of 03:27 GMT on Saturday.
Forecasts cut on tighter Fed policy
Goldman Sachs cut its end-2026 gold price forecast to US$4,150 an ounce from US$4,650. Its end-2027 forecast was lowered to US$4,800 from US$5,400.
The bank cited tighter Federal Reserve policy as the reason for the revision. It still expects strong central bank buying, forecasting purchases of 60 tonnes per month in 2026 and 2027. Before 2022, the average was 17 tonnes per month.
Uncertainty and bond yields
The source cites the Iran war and a criminal investigation of the Fed Chair as sources of uncertainty. Rising government bond yields are weighing on gold, it says.
Goldman Sachs projects gold rising 15 percent through the end of 2027. It expects Fed rate cuts from late 2027.
Related: Indonesia cuts palm oil reference price 6.07% for November
Source: Federal Reserve · PT Aneka Tambang Tbk (Antam) | Data: Swissquote
