Despite High Global Trends, Jewellery Gold Prices Decline Domestically
The price of jewellery gold in Indonesia has recorded a decline amidst a global gold price trend that remains at a high level. The Indonesian Central Statistics Agency (BKS) revealed that the jewellery gold commodity experienced deflation for three consecutive months during the period of March to May 2026, following price corrections in the international market which also affected domestic prices.
Pudji Ismartini, the Deputy for Methodology and Statistical Information at BPS, explained that although world gold prices remain high, a correction has occurred in recent months, impacting the domestic market. “Even though world gold prices are still at a high level, there was a correction in global gold prices between March and May 2026. This condition is certainly in line with the decrease in gold prices in the domestic market,” Pudji stated during an online BPS release on Tuesday (2/6).
He added that this decline was reflected in the monthly deflation of jewellery gold during the March to May 2026 period. “Consequently, from March to May 2026, the jewellery gold commodity experienced monthly deflation of minus 1.17%,” Pudji explained.
BPS further detailed that during this period, jewellery gold experienced consecutive deflation, with a decrease of minus 3.76% in April 2026. In May 2026 alone, jewellery gold recorded deflation of 2.67%, contributing 0.06% to the deflation rate. This marks three consecutive months of deflation for the commodity.
BPS noted that in May 2026, monthly inflation (month-to-month) stood at 0.28%, with the Consumer Price Index (CPI) rising from 111.09 in April 2026 to 111.40 in May 2026. Meanwhile, on a year-on-year (yoy) basis, inflation was recorded at 3.08%.
Despite these recent trends, the annual price of jewellery gold remains higher compared to the same period in the previous year. Under these conditions, the commodity remains one of the contributors to annual inflation, even though it has shown a downward price trend in recent months.