TEMPO.CO, Jakarta – Indonesia’s Central Statistics Agency (BPS) says rising global geopolitical and geoeconomic uncertainties are the main drivers behind the continued surge in gold prices.
BPS Chief Amalia Adininggar Widyasanti noted that international gold prices have been steadily increasing. Citing data from state-owned miner PT Antam, she said total gold sales from January to September 2025 reached 34,164 kilograms, or about 1,098,398 troy ounces.
“Gold is viewed as a safe-haven asset, so global geopolitical and geoeconomic conditions are the main factors pushing prices up. Investors are shifting more of their assets into gold,” Amalia said during the 2025 Regional Inflation Coordination Meeting, held online from Jakarta on Monday, November 17, 2025.
She added that Antam’s gold sales rose 20 percent compared to the same period last year, when sales stood at 918,450 troy ounces.
Gold also played a significant role in national inflation. Jewelry gold contributed 52.76 percent to Indonesia’s headline inflation in October 2025. West Sumatra recorded the highest gold-related inflation at 62.83 percent, followed by South Sulawesi at 62.77 percent.
Amalia said growing public interest in gold as an investment commodity is adding to the upward price pressure. “People in Indonesia are increasingly aware of gold as a form of investment,” she said.
According to Antam’s Logam Mulia website, retail gold prices on Monday rose by Rp3,000 to Rp2,351,000 per gram, up from Rp2,348,000. The buyback price also increased to Rp2,212,000 per gram. Antam gold is available in sizes ranging from 0.5 grams to 1 kilogram.
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