Gold Prices Plunge to Lowest Level in Seven Weeks

Gold prices are under pressure globally and domestically in Indonesia, as evident from recent data. The global precious metals market has faced significant pressure, leading to a sharp decline in world gold prices over the past week.

According to Reuters, spot gold prices on Monday, September 28, 2026, plunged by about 4 percent, touching US$4,111 per troy ounce, the lowest level since August 5, 2026. The pressure primarily stems from a surge in US government bond yields and growing expectations that the Federal Reserve may still raise interest rates.

In Indonesia, gold prices have also undergone a correction. Antam Precious Metals, one of the leading gold providers in the country, has updated its gold price list for 1-gram bars to Rp2,597,000, down from Rp2,613,000 on Monday, September 28, 2026.

For comparison, UBS gold marketed through Pegadaian is priced at Rp2,553,000 for a 1-gram bar. This makes UBS about Rp44,000 cheaper than Antam Precious Metals gold. However, investors should also consider other factors such as buyback prices, product availability, and the spread between buying and selling prices.

Adrian Ash, head of research at BullionVault, told Reuters that the rise in US borrowing costs to the highest level in decades has ultimately pressured gold prices.