Indonesia Surpasses Regional Rivals in Gold Demand

Indonesia has surpassed Thailand and Vietnam in gold demand, with the country's gold bar and coin sales reaching 38.1 tonnes in the first half of this year. According to data from the World Gold Council, this figure exceeds the combined total of these two countries (36.5 tonnes). In fact, Indonesia's gold demand is so strong that it has tripled the combined figure of Malaysia and Singapore (12.1 tonnes).

In the second quarter alone, Indonesia posted 14.5 tonnes in sales, the highest in Southeast Asia. This represents a significant surge in gold bar and coin demand, with a 40% year-on-year increase making Indonesia one of the world's strongest-performing gold markets globally.

The World Gold Council attributes this growth to currency weakness and concerns about the domestic economic outlook, which have reinforced gold's role as a store of value. The Indonesian government has also launched a bullion system roadmap aimed at strengthening the national bullion ecosystem and supporting downstream development in the gold sector.