War Pushes Up Global Gold Prices, Antam (ANTM) Relies on Domestic Supply

Jakarta – PT Aneka Tambang Tbk (Antam) has said that global geopolitical tensions, including war, could push up gold prices on the world market. Wisnu Danandi Haryanto, head of the Corporate Secretary Division at Antam, said that global gold prices are indeed sensitive to the dynamics of politics and world economic policy. However, he assured that this situation would not affect the company’s gold production because its main supply comes from domestic sources. ‘At present, we can see that prices are rising and are likely to continue rising as long as there is a war. After all, war will inevitably influence prices,’ he said during an interview in Jakarta on Tuesday (3 March 2026).

Although gold prices may be pushed higher, Wisnu emphasised that Antam’s gold production is not affected by global conflict. Currently, Antam produces around one tonne of gold from the Pongkor mine and relies on other domestic sources to meet domestic market demand. ‘Our gold production is about one tonne from Pongkor, and we are seeking other domestic sources. It should not be affected, because we always source domestically to meet Indonesia’s gold needs,’ he said.

He added that public interest in gold is not solely driven by war. Rising investment literacy and purchasing power also contribute to boosting demand for the precious metal. With global conditions still dynamic, gold prices are expected to remain volatile, in line with policy developments and international geopolitical situations.

‘But I think it’s not just because of war. The public is also more aware and has stronger purchasing power to be able to buy gold,’ he concluded.