Bisnis.com, JAKARTA — The recent pullback in the stock’s prices of several metal miners, including MDKA, INCO, and ANTM, is widely seen as opening accumulation opportunities for investors.

The assessment was outlined by JP Morgan analysts in a report titled Asean Metals, which underscores the resilience of the companies’ underlying fundamentals as well as the sector’s forward outlook.

Bisnis.com, JAKARTA — Goldman Sachs Group Inc. lifted its year-end gold price outlook by more than 10%, citing sustained diversification into bullion by private investors on top of already-robust demand from central banks and exchange-traded funds.

Citing Bloomberg on Friday (1/23/2026), The US investment bank raised its December 2026 gold price target to US$5,400 per ounce, up from a previous estimate of US$4,900, according to a note dated Jan. 21 by analysts including Daan Struyven and Lina Thomas.

Bisnis.com, JAKARTA — Shares of PT Merdeka Gold Resources Tbk. (EMAS) have moved slightly lower following the company’s successful IPO on September 23, 2025. Even so, analysts remain optimistic about the prospects of this MDKA subsidiary, citing several key growth catalysts.

At the close of trading on Wednesday (11/26/2025), EMAS shares stood at IDR 3,700, up 0.27%. Although still above the IPO price, the stock has slipped 10.48% over the past month.

Bisnis.com, JAKARTA — Several brokerage firms have maintained their positive recommendations for mining company PT Bumi Resources Minerals Tbk. (BRMS), supported by the company’s solid performance outlook and record-breaking gold prices.

The latest round of upbeat recommendations came after the Bakrie and Salim Group–affiliated gold miner released its Q3 2025 financial statement, showing a stellar performance throughout the period.

Bisnis.com, JAKARTA- PT Aneka Tambang Tbk. (ANTM) continues to face risks from constrained gold supply despite efforts to optimize internal resources, repurchase precious metals from the public, and import raw materials. Supply disruptions from PT Freeport Indonesia following the Grasberg Block Cave incident have further heightened concerns over gold availability.

Antam remains exposed to supply risks stemming from the suspension of Freeport Indonesia’s operations. The company halted activities at the Grasberg Block Cave mine in September 2025 after an underground incident.