Israel-Iran Conflict Triggers Rise in Gold Prices at Galeri 24, UBS and Antam

The Israel-Iran conflict continues to impact gold prices in Indonesia. According to the Pegadaian (state pawn shop) website on Monday, 2 March 2026, UBS gold at 1 gram remained at Rp 3,178,000. Meanwhile, Galeri 24 gold rose from Rp 3,130,000 to Rp 3,163,000 per gram. Galeri 24 gold is available in units ranging from 1 to 1,000 grams, whilst UBS is offered from 0.5 to 500 grams.

According to Kontan, commodity analyst Ibrahim Assuaibi explained that the gold price increase is influenced by the Israel-Iran conflict, which produces a multiplier effect whereby elevated global oil prices impact global gold prices. “This will likely see gold prices rise further,” Assuaibi stated. Antam gold also experienced an increase, reaching Rp 3.5 million per gram.