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Gold Prices Near Rp 3 Million Ahead of Ramadan and Eid
Gold bar prices from PT Antam Tbk (ANTM) surged again on Friday, February 20, 2026, supported by stronger global gold prices and rising investor interest ahead of Ramadan and Eid al-Fitr.
According to data from the Logam Mulia website, Antam gold bullion prices jumped by Rp 28,000 to reach Rp 2,944,000 per gram. A day earlier, on Thursday (Feb 19), prices had already climbed Rp 4,000 to Rp 2,916,000 per gram.
As Ramadan and Eid approach, market participants are closely monitoring the potential increase in domestic gold demand. Seasonal momentum is widely expected to boost buying interest, particularly as consumers traditionally increase purchases ahead of major holidays.
Lukman Leong, Chief Analyst at Doo Financial Futures, said the seasonal trend could push local demand higher. He noted that public interest in gold typically rises before festive celebrations.
Domestic demand could lift Antam prices further, with local prices projected to increase by around 1%–3% in the one to two weeks leading up to the holidays, he told Kontan on Thursday (Feb 19).
However, Lukman emphasized that local demand alone may not be strong enough to push Antam gold prices past Rp 3 million per gram in the near term. A rise of roughly 11% from current levels would require stronger external drivers.
He added that Antam’s price movements remain heavily influenced by global gold market trends. Over the next month, international gold prices are expected to trade between US$5,100 and US$5,300 per troy ounce, barring major geopolitical developments such as a potential peace agreement involving Iran that could shift market sentiment.
Based on this outlook, global gold prices could increase by about 3%–6% from current levels, combined with an estimated domestic premium of around 2%.
As a result, Antam gold prices toward the end of Ramadan are projected to be 5%–8% higher than current levels, potentially ranging between Rp 2.8 million and Rp 2.9 million per gram.