Indonesia: Antam Gold Prices Rise, Rupiah Shows Slight Strength

JAKARTA - Antam gold prices and the rupiah exchange rate both saw an increase in trading on Friday, September 18. Antam gold rose by IDR 25,000 per gram to reach IDR 2,623,000, while the Indonesian Rupiah strengthened slightly against the US dollar, trading at IDR 17,743 per dollar. According to Antara, quoting the Precious Metals page, Antam's gold price at 09:14 Western Indonesian Time (WIB) was up from IDR 2,598,000 per gram previously. The buyback price also increased to IDR 2,458,000 per gram. The price of Antam's gold bars can change at any time in line with market movements. For purchases of Antam gold, consumers are subject to a tax of 0.25 percent of the basic price listed on the official website. Furthermore, for buyback transactions exceeding IDR 10 million, a 1.5 percent income tax (PPh Article 22) is imposed, which is deducted directly from the total transaction value during the buyback process. Antam's basic gold prices on Friday were recorded at IDR 1,361,500 for a 0.5-gram size and IDR 2,623,000 for a 1-gram size. For other denominations, a 2-gram bar is sold at IDR 5,186,000, a 3-gram bar at IDR 7,754,000, and a 5-gram bar at IDR 12,890,000. For larger sizes, a 10-gram gold bar is priced at IDR 25,725,000, a 25-gram bar at IDR 64,187,000, and a 50-gram bar at IDR 128,295,000. The price for a 100-gram bar reaches IDR 256,512,000, a 250-gram bar is IDR 641,015,000, a 500-gram bar is IDR 1,281,820,000, and a 1,000-gram bar is IDR 2,563,600,000. At the same time, the Indonesian Rupiah also opened stronger against the US dollar. The Indonesian currency rose 10 points, or 0.06 percent, to IDR 17,743 per US dollar compared to its previous closing of IDR 17,753 per US dollar. The strengthening of the Rupiah is still considered thin, but it led to market movements on Friday morning resulting in an increase for both the Rupiah and Antam gold. These two assets move in different instruments and do not imply a direct causal relationship.