Antam Gold Jumps 3% as UBS Raises Long-Term Gold Price Target to $5,400
Indonesia’s Antam gold prices surged sharply on Thursday (August 20, 2026), climbing Rp80,000, or around 3%, to Rp2,725,000 per gram from Rp2,645,000 per gram a day earlier. The rally marks the strongest daily increase in recent sessions, following a Rp50,000 decline recorded on Wednesday.
Global Gold Rally Lifts Antam Prices
The sharp rise in Antam gold prices mirrors the strong performance of global gold markets, where bullion prices gained nearly 3% amid continued weakness in the U.S. Dollar Index. The depreciation of the U.S. currency boosted demand for gold as investors sought safe-haven assets and inflation hedges.
Antam’s buyback price also increased by Rp80,000, reaching Rp2,585,000 per gram. Despite the latest surge, Antam gold remains approximately 14% below its all-time high of Rp3,168,000 per gram, recorded on January 29, 2026.
On a year-to-date basis, however, the precious metal continues to deliver solid gains. Antam gold has risen roughly 9.5% since the beginning of the year, when prices stood at Rp2,488,000 per gram, highlighting sustained investor interest in gold amid global economic uncertainty.
UBS Sees Gold Reaching $5,400 per Ounce
In the international market, Swiss banking giant UBS has raised its long-term forecast for gold prices, projecting XAU/USD to reach $5,400 per ounce by September 2027. The bank cited expectations of further disinflation and a less restrictive U.S. monetary policy environment as key drivers behind the bullish outlook.
According to UBS, easing inflationary pressures could encourage the Federal Reserve to maintain a more accommodative stance, while broader U.S. dollar weakness is expected to provide additional support for gold prices over the coming years.
Despite the upgraded long-term target, UBS maintained its end-2026 gold price forecast at $4,600 per ounce, signaling confidence that the precious metal will remain supported by macroeconomic and monetary policy trends.
Fed Rate Outlook Remains Key Catalyst
Gold prices have recently advanced as investors reassess the outlook for Federal Reserve interest rates. Softer U.S. labor market data has strengthened expectations that policymakers may keep rates unchanged if inflation continues to remain under control.
Market participants are closely monitoring upcoming economic indicators and Fed commentary for clues about the future path of monetary policy. Lower interest rates typically reduce the opportunity cost of holding non-yielding assets such as gold, making the metal more attractive to investors.
With central bank policy, inflation trends, and currency movements continuing to shape market sentiment, gold remains one of the most closely watched assets in global financial markets.