Gold Prices Hit Rp 3.2 Million: A Lucrative Business but Purchasing Power Increasingly Under Pressure
Gold prices in Indonesia continue to fluctuate and briefly reached a record high of Rp 3.2 million per gram. As prices have climbed ever higher, the gold business offers substantial profits for sellers. However, the situation also creates an irony regarding the purchasing power of the middle class, which has not kept pace with the rising price of this safe-haven asset.
As of Wednesday (18 February 2026), according to logammulia.com, the price of Antam gold stood at Rp 2.878 million per gram, down Rp 40,000 from the previous trading day’s price of Rp 2.918 million per gram. The buyback price was Rp 2.655 million per gram.
Gold prices touched Rp 3.2 million per gram in early February 2026 in line with the rise in global gold prices driven by various external sentiments influencing its volatility.
When gold prices soared in early February 2026 to breach Rp 3.2 million per gram from producers, panic buying ensued. “The trend going forward is positive because it is a form of saving. People invest and seek profits. The tendency is that stock at the shop arrives and sells out, arrives and sells out,” one dealer said.
In addition to offering various types of gold products, shops have also innovated by diversifying product weights to reach different classes of buyers. “My shop specialises only in precious metals and gold jewellery. Another attraction is that we sell gold in 1-gram, 2-gram, and even 0.1-gram denominations,” one retailer explained.
Beyond Antam gold, privately produced gold is also traded, including brands such as UBS and King Halim. King Halim gold is priced more affordably at Rp 2.84 million per gram, whilst UBS gold is Rp 2.885 million per gram.
The gold business continues to grow alongside the dynamics of global gold prices, which have been trending upward. Sellers have enjoyed considerable profits from gold sales, particularly throughout 2025 when global gold prices surged by approximately 70 per cent.