Gold hit a record US$2,942.70 [Rp 48.1 million] per ounce in Asian spot trading on Tuesday, marking an increase of 11.2 percent since the beginning of 2025.

“Aligning with the international market trend,” gold prices in Indonesia had been on an upward trend since early 2024, Statistics Indonesia (BPS) spokesperson Amalia Adininggar Widyasanti said in a meeting on Monday.

She quoted the recent gold price recorded by state-owned diversified mining firm PT Aneka Tambang (Antam) of Rp 1.6 million [$97.8] per gram as of Feb. 9, up from Rp 968,049 one year earlier.

Antam previously reported a significant rise in its gold sales volume, which rose to 15,209 kilograms (488,981 troy ounces] in the fourth quarter of last year, more than double the 6,669 kg it sold in the final quarter of 2023.

For the full year of 2024, the mining firm logged a 68 percent increase in gold sales to 43,776 kg, according to Antam's quarterly report released on Jan. 31.

“In 2024, the global gold price increase was driven by global macroeconomic factors and geopolitical conditions that have also pushed up domestic demand,” Antam spokesman Syarif Faisal stated in the same report.