Commodities
Indonesia's Gold Holdings Surpass Foreign Reserves
Indonesian households hold an estimated 1,800 tonnes of gold in jewelry and small bars, according to State-Owned Enterprises Minister Erick Thohir. This amount is significantly greater than Bank Indonesia's 87.04 tonnes of monetary gold.
The bullion bank system operated by Pegadaian and Bank Syariah Indonesia has accumulated approximately 153 tonnes of gold worth nearly $20 billion in its first 17 months, with customer numbers increasing from 3.2 million to 5.6 million over twelve months.
Despite a decline in gold prices in 2026, Indonesian demand for gold bars and coins increased by approximately 40% year on year to about 15 tonnes in the second quarter.