Gold Demand in Indonesia Strengthens Ahead of Ramadan, Check March HRTA Promotions
JAKARTA – Gold demand in Indonesia began increasing in February 2026 ahead of Ramadan and Eid al-Fitr. This seasonal momentum is occurring amid rising global gold prices driven by geopolitical tensions and global economic uncertainty.
Throughout February 2026, the average gold price was recorded at 5,015 US dollars per ounce, or approximately Rp 2.71 million per gram, up 17 per cent year-on-year and 6 per cent compared to the previous month. Gold prices closed at 5,278 US dollars per ounce, approaching the record high reached in January.
Thendra Crisnanda, Director of Investor Relations at PT Hartadinata Abadi Tbk (HRTA), stated that global geopolitical and economic dynamics have reaffirmed gold’s role as a long-term value storage instrument.
“In a global situation full of uncertainty, such as geopolitical conflicts and inflation pressures, the public tends to view gold as a relatively stable means of savings,” Thendra said in a statement on Tuesday (10 March 2026).
“We see that interest in gold ownership remains strong, both from the general public and institutions.”
This situation has made gold prices higher in rupiah terms despite limited fundamental changes in the global gold market.
As an illustration of the domestic market, the latest HRTA Gold price on 10 March 2026 at 08:40 WIB was recorded at Rp 2,893,000 per gram.
Besides global factors, seasonal momentum also strengthens gold demand in Indonesia. The Chinese New Year celebrations, which coincide with Ramadan and Eid al-Fitr, have traditionally been a period of increased gold purchases.
Purchases are typically made in the form of jewellery or gold bars given as gifts or family savings.
“Ahead of Ramadan and Eid al-Fitr, there is usually an increase in gold purchasing activity,” explained Thendra.
“Besides serving as gifts, the public is increasingly viewing gold as a means to save and preserve asset value over the long term.”
The repurchase of approximately 2 tonnes of gold in January 2026 indicates growing confidence in gold as a safe-haven asset in the nation’s foreign reserves.
On the policy side, the government has also taken steps to strengthen the domestic gold ecosystem.
The Ministry of Finance began implementing export duties on gold products from December 2025 ranging from 7.5–12.5 per cent. This tariff increased to 10–15 per cent when gold prices exceed 3,200 US dollars per ounce.
This policy aims to maintain domestic gold supply whilst encouraging value-added processing within the country.
Meanwhile, the PPh 22 tax rate for retail gold bar transactions has been cut to 0.25 per cent, helping reduce trading costs for consumers.