Indonesian Gold Fever, Airlangga: Bullion Bank Customers Reach 5.7 Million
Jakarta, CNBC Indonesia - Interest in gold as an investment continues to grow amid global uncertainty. Coordinating Economic Minister Airlangga Hartarto revealed that the number of bullion-bank customers has risen sharply over the past year. The figure reached 3.2 million in February last year when President Prabowo Subianto launched the bullion bank via PT Bank Syariah Indonesia Tbk (BSI). It has now reached 5.7 million. ‘The bullion bank, from February last year with 3.2 million customers, now has reached 5.7 million—so that is a large increase,’ Airlangga said during the keynote speech at the Aksi KLIK (Kuatkan Literasi dan Inklusi Keuangan untuk Kesejahteraan) event, on Friday (6/3/2026).
“Through Pegadaian, the use of gold as collateral for financing has reached 38.5 tonnes, worth around Rp 102 trillion.”
‘The amount pledged at Pegadaian as gold value has risen to 144.7 tonnes from 94 tonnes, and those who have used it as loans have increased by 38.5 tonnes or about Rp 102 trillion; similarly, at BSI it has increased and now stands at 22 tonnes,’ Airlangga said.
Airlangga explained that global uncertainty is one of the triggers for the surge in interest in gold. In such a situation, gold is considered one of the safe havens for preserving wealth. He noted that at the bank bullion launch, gold prices were around US$3,000 per troy ounce. They have now jumped to US$5,000 per troy ounce.
‘And indeed one of the inflation drivers is the purchase of gold; the price of gold at the time of the bullion bank launch was US$3,000, and now it is US$5,000, and this is due to the impact of war, making gold a safe haven, among other reasons, for wealth preservation,’ he said.
As is known, the Indonesian Statistics Agency (BPS) records inflation in February 2026 at 0.68% month to month. The driver was the Consumer Price Index, which rose from 109.75 in January 2026 to 110.50 in February 2026. A notable inflation catalyst is gold, namely 0.19%. The inflation rate for gold and jewellery reached 8.42% year on year, according to BPS data. Gold inflation has been a driver since Ramadan in 2024.