Gold’s Rebound to $4,141 Is Erased, Back to $4,118; Antam at Rp2,550,000

22 Oct 2026 · EmasKuy Team

Gold rose 0.66% to about $4,141 on Wednesday after four losing sessions, but on Thursday morning fell 0.55% to $4,118.53 as oil rose again. The odds of a December Fed hike remain about 89–94%. Antam fell Rp4,000 to Rp2,550,000, a third daily decline.

A Wednesday Rebound, a Thursday Slide

Gold broke a four-session losing streak on Wednesday. Vibiznews reports that spot gold dipped to $4,116, the lowest since October 15, before dip buying lifted it in the US session. Kitco had gold near $4,141.01 in the afternoon, up 0.66%, and silver near $57.976, up 0.34%.

The gain did not last. On Thursday morning Trading Economics had gold down 0.55% at $4,118.53 and heading toward $4,100, erasing the previous session’s gain. The cause was renewed Middle East tension, which again pushed up oil prices and inflation worries.

Oil and the Odds of a Fed Hike

Oil eased on Wednesday: Kitco had December WTI settling at $97.15, down 0.7%, and Brent near $108.82, even though US crude stocks fell 3.1 million barrels, far more than the expected draw of about 300,000 barrels. On Thursday, Trading Economics shows oil rising again.

Expensive oil keeps Fed expectations tight. Vibiznews says markets put the odds of a December rate hike at about 89–94%, and about 17% for the October 27–28 meeting. Fed officials are in their pre-meeting blackout. The 10-year yield is near 5.09% and the dollar index near 101.64.

The Big Picture and Technical Levels

Trading Economics shows gold down about 4% on the month. At $4,118.53, gold sits about 26.6% below its January record of $5,608.35. US data remain weak: Kitco reports that September pending home sales fell 7.3%, after housing starts fell 5.2% to 1.221 million, but weak data have not been enough to offset the pressure from oil and yields.

Kitco’s levels: resistance at $4,142.52 and $4,162, then $4,180 and $4,217; support at $4,127.10 and $4,098.63, then $4,066 and $3,942. Agenda: weekly jobless claims (Thursday), preliminary October manufacturing and services PMIs and final University of Michigan consumer sentiment (Friday), then the Fed decision next week.

Antam Falls for a Third Day

Antam’s 1-gram price fell Rp4,000 to Rp2,550,000 in the 08:50 WIB update, a third daily decline, with buyback down Rp4,000 to Rp2,365,000 per gram. The spread stays at Rp185,000, about 7.3%. The 10-gram bar now costs Rp24,995,000 and the 100-gram bar Rp249,212,000.

Galeri24 fell Rp6,000 to Rp2,504,000, with buyback down Rp5,000 to Rp2,358,000: Rp46,000 cheaper than Antam with a Rp146,000 spread, about 5.8%. UBS fell Rp6,000 to Rp2,528,000 with a Rp2,332,000 buyback: Rp22,000 cheaper than Antam with a Rp196,000 spread, about 7.8%. Antam’s buyback is Rp7,000 above Galeri24’s.

Playbook: $4,098 Is the Deciding Line

Near-term scenarios: regaining $4,142.52 and $4,162 opens the way to $4,180; a break below $4,098.63 could open $4,066, then $3,942. Oil, yields and the dollar remain the drivers. On the physical side, Vibiznews notes that demand stays strong, including record silver and platinum sales and renewed demand at the Royal Mint.

For rupiah investors, Antam has fallen Rp24,000 in three days, from Rp2,574,000 on October 19. Fixed-amount DCA averages the purchase price in either scenario, and the different spreads, from about 5.8% to 7.8%, are worth factoring in if you plan to sell back. This article is educational analysis, not personalized financial advice. Tailor it to your own risk profile and horizon.