Indonesia gold prices show volatility amid low national reserves

Gold prices in Indonesia, particularly Antam gold, have experienced significant volatility throughout August 2026. After fluctuating throughout the week of August 10-15, prices saw a notable drop on August 14, falling to Rp2,664,000 per gram. Following this decline, prices stabilized and saw slight recoveries, with Antam gold reaching Rp2,785,000 per gram at Pegadaian on August 17.

Other gold products at Pegadaian, including UBS and Galeri24, also showed upward trends on August 17. Specifically, Galeri24 rose to Rp2,687,000 per gram and UBS increased to Rp2,746,000 per gram.

Separately, the Institute for Development of Economics and Finance (Indef) noted that Indonesia's gold reserves, estimated at approximately 87 tons or 9.6 percent of total foreign exchange reserves in 2026, remain relatively low compared to nations like the United States and Germany. Economists suggest there is significant room for Indonesia to increase gold holdings as a hedge against economic volatility.