Indonesia's Gold Reserves Still Considered Low, Indef Reveals Comparison

The Institute for Development of Economics and Finance (Indef) considers gold to have a strategic function as a reserve diversification instrument. Based on Indef data cited in Jakarta on Monday (17/8/2026), Indonesia’s gold reserves in 2026 were recorded at around 87 tonnes, or 9.6 percent of total foreign exchange reserves. The value was equivalent to 0.91 percent of 2025 GDP.

Indef senior economist Aviliani said the data show that the share of gold in Indonesia’s foreign exchange reserves is still relatively low compared with a number of other countries.

“Countries with larger foreign exchange reserves have more room to increase gold holdings as a hedging asset. And we can see that the countries purchasing gold reserves are actually those that tend to have large foreign exchange reserves,” she said.

Indef data also show that the gap is quite wide. The United States has gold reserves of 8,133.5 tonnes, with a share reaching 84.8 percent of total foreign exchange reserves. Germany has 3,350.3 tonnes, or 84.6 percent, Italy 2,451.8 tonnes, or 82 percent, and France 2,437 tonnes, or 82.5 percent.

Meanwhile, Russia has gold reserves of 2,311 tonnes, or 48.1 percent of total foreign exchange reserves, India 880.3 tonnes, or 19.8 percent, Japan 846 tonnes, or 10.1 percent, and China 2,313 tonnes, or 10 percent.

Aviliani said there is no single ratio that can be used as a benchmark for how large a country’s ideal gold reserves should be.

According to her, the policy depends heavily on the economic structure, liquidity needs and strategy of each central bank.