Gold Plunges 2.88% to $4,021, the Lowest Since August; Antam at Rp2,540,000

23 Oct 2026 · EmasKuy Team

Gold fell $119.10 to about $4,021.20 on Thursday as Strait of Hormuz tension pushed Brent above $113 and AI stocks were sold. The drop erased all of the gains since the summer. Antam fell Rp10,000 to Rp2,540,000, while buyback dropped Rp30,000.

The Deepest Drop in Months

Gold had a heavy day on Thursday. Kitco had gold near $4,021.20 in the afternoon, down $119.10 or 2.88%, and silver down 5.90% at about $54.44. Vibiznews says spot gold closed at $4,024.44, the lowest since August, and December futures fell about 2.16% to $4,060.

Prices broke $4,100 and the $4,073 support that had held since early October, according to Vibiznews. Kitco quotes analyst Jesse Colombo calling the move "very bizarre": gold erased all of its gains since the summer and is now testing the $4,000–$3,900 area where it bounced last summer.

Oil, AI Stocks, and Yields That Did Not Help

Kitco links the drop to renewed US–Iran tension in the Strait of Hormuz, which pushed Brent above $113 a barrel and WTI toward $100. Expensive oil revived inflation worries: September CPI was 3.7% and PPI 6.3% year on year. Markets put the odds of a December Fed rate hike at about 89–94%.

Tech stocks were sold too: the Nasdaq fell 2.60% and the S&P 500 1.21%, its largest daily drop since July. Falling yields usually help gold, but not this time. Kitco reads this as liquidation pressure, with investors selling precious metals to cover losses elsewhere. Colombo also suspects yen intervention.

The Big Picture and Technical Levels

Trading Economics shows gold down about 5.9% on the month. At $4,021.20, gold sits about 28% below its January record of $5,608.35. Labor data stay firm: Kitco reports jobless claims fell to 194,000, below the 200,000 forecast, which also keeps Fed expectations tight.

Kitco’s levels: resistance at $4,068 and $4,079, then $4,124.25 and $4,142; support at $4,038, then the $4,000 area. Vibiznews sees spot support at $3,983–$3,942 and resistance at $4,103–$4,182. Agenda: preliminary October PMIs and final University of Michigan consumer sentiment (Friday), the October 27–28 Fed meeting, then September PCE on October 29.

Antam Falls, Buyback Drops Further

Antam’s 1-gram price fell Rp10,000 to Rp2,540,000, a fourth daily decline, according to detikFinance. Buyback fell further, by Rp30,000 to Rp2,335,000 per gram, widening the spread from Rp185,000 to Rp205,000, about 8.1%. The 10-gram bar now costs Rp24,895,000 and the 100-gram bar Rp248,212,000.

Galeri24 fell Rp5,000 to Rp2,499,000 with a Rp2,354,000 buyback: Rp41,000 cheaper than Antam with a Rp145,000 spread, about 5.8%. UBS fell Rp4,000 to Rp2,524,000 with a Rp2,328,000 buyback: Rp16,000 cheaper than Antam with a Rp196,000 spread, about 7.8%. Galeri24’s buyback is now Rp19,000 above Antam’s.

Playbook: $4,000 Is the Test

Near-term scenarios: holding above $4,038 and $4,000 and then regaining $4,079 could open $4,124.25; a break below $4,000 opens $3,983–$3,942. Vibiznews notes that a technical rebound is possible if oil corrects, but pressure could continue if oil rises and yields stay high ahead of the Fed meeting.

For rupiah investors, Antam has fallen Rp34,000 in four days, from Rp2,574,000 on October 19, and buyback has fallen Rp54,000 from Rp2,389,000. The wider spread pushes the sell-back price further from the purchase price. Fixed-amount DCA averages the purchase price in either scenario. This article is educational analysis, not personalized financial advice. Tailor it to your own risk profile and horizon.