Gold prices have continued to skyrocket this year. At the beginning of the year, Antam's gold price was in the range of IDR 1,524,000 per gram, but now it has increased by 47.63% to IDR 2,250,000 per gram. What are the opportunities for gold mining companies?
The soaring price of gold has even become a commodity contributing to inflation. Statistics Indonesia (BPS) reported that gold jewelry was one of the commodities contributing to inflation in September 2025.
Head of BPS Amalia Adininggar Widyasanti mentioned that gold prices have increased consecutively over the last two years until September 2025. This increase contributed approximately 0.08% to national inflation in September 2025.
Amalia explained that gold jewelry inflation in September 2025 reached 1.24% on a monthly basis. This figure is the highest inflation in the last five months. Based on BPS records, gold prices have risen for 25 consecutive months since September 2023.
Gold prices in the domestic market also show an upward trend. Antam's gold bullion on October 6, 2025, was recorded at IDR 2,250,000 per gram, up IDR 11,000 compared to the previous day. Compared to the same period last year, the gold price is higher than the position of IDR 1,482,000 per gram.
BPS also explained the details of inflation based on its components. The core inflation component experienced an increase of 0.18% with a contribution of 0.11% to total inflation. Meanwhile, the government-regulated price component rose by 0.09% and volatile prices rose by 0.30%. In terms of expenditure groups, the highest inflation was recorded in education, gold jewelry, and food.
BPS conveyed that the development of gold prices in the country follows the movement of global prices and public demand. The increasing trend that has occurred for 25 consecutive months indicates a change in the pattern of gold prices in the medium term. The agency stated that it will continue to monitor the contribution of gold to inflation in the following periods.
The increase in gold prices also opens up new opportunities for the mining industry. PT Merdeka Gold Resources Tbk officially listed on the Indonesia Stock Exchange (IDX) on September 23, 2025. This listing marks the gold mining issuer's first step in the capital market after holding an Initial Public Offering (IPO). The issuer with the stock code EMAS has an offering price of IDR 2,880 per share.
Based on IDX data, the total shares listed by EMAS reached 16.18 billion shares, consisting of founder shares, treasury shares, and shares from the public offering of 1.62 billion shares. With that offering price, the funds successfully raised by EMAS are estimated to reach IDR 4.6 trillion. The initial public offering took place from 17 to 19 September 2025, with listing on 23 September 2025.
Merdeka Gold Resources is a subsidiary of PT Merdeka Copper Gold Tbk (MDKA) which is engaged in gold mining and its accompanying minerals. This company acts as the parent of several mining entities that are integrated from production to processing. Based on the company's prospectus data, the gold mine processing capacity of Merdeka Gold Resources reaches 19 million tons per year.
Previously, PT Aneka Tambang Tbk (Antam) reported its financial report for the first semester of this year on August 29, 2025. In the first 6 months of this year, Antam recorded net sales of IDR 59.02 trillion, a significant growth of 155% compared to the same period last year of IDR 23.19 trillion.
The gold segment was the largest contributor to Antam's sales, with a significant sales growth achievement in the first semester of 163% with a value of IDR 49.54 trillion when compared to gold sales in the first semester of 2024 of IDR 18.83 trillion.
Gold products were the largest contributor to Antam's sales with a proportion of 84% of Antam's total sales in 1H25. The growth in gold sales in the first semester of 2025 was driven by global geo-economic and geopolitical conditions as well as effective business strategies.
Antam recorded significant growth by again setting a record for the highest quarterly gold sales in history in the second quarter of 2025 (2Q25).
As a response to the high demand for gold in the domestic market, the Company consistently optimizes its marketing strategy that focuses on product quality, security, and ease of access for customers. In addition, the Company also strengthens its customer base to maintain the momentum of gold sales growth.
The increase in ANTAM's gold retail sales in the first semester was also driven by the use of the mobile application ”ANTAM Logam Mulia”, which provides convenience for physical gold transactions safely and practically for customers since its launch in March 2025.
Antam President Director Achmad Ardianto said that the results achieved in the first half of 2025 reflect the success of all Antam employees in implementing adaptive diversification strategies that are in line with global market dynamics.
"By prioritizing innovation, cost discipline, and operational efficiency, ANTAM is able to maintain strong business fundamentals and ensure sustainable growth, while strengthening its position as the leading mining company in Indonesia," he said.
Right momentum
Regarding EMAS, which was newly listed on the IDX, Gold Commodity Observer Ibrahim Assuaibi assessed the timing of the public offering when gold prices were high as the right move.
According to him, the initial offering price is relatively attractive for investors who want to enter in the early phase. Conditions like this usually attract interest from foreign and domestic investors. “Management understands the momentum of when to IPO so that buying interest can be encouraged,” he said.
Ibrahim assesses that the momentum is in line with the long increase in gold prices driven by a number of global factors such as geopolitical tensions, political dynamics in the United States, and expectations of a Fed interest rate cut.
He added that political changes in Europe and Japan also influenced market sentiment. "Trade, geopolitics, and interest rate speculation are a combination that strengthens gold prices," said Ibrahim.
On the industry side, Ibrahim mentioned that the mining sector is thriving amidst rising gold prices. According to him, many mining companies are expanding their businesses by opening new areas for exploration in order to meet market needs.
He cited large companies such as Freeport as being able to produce around 50 tons per year, while smaller private companies can produce 2 to 5 tons.
To maximize opportunities, Ibrahim advises mining companies to maintain increased production and use hedging instruments as needed. He mentioned that funds raised in the capital market can be directed towards exploration and expansion of work areas.
Nevertheless, Ibrahim reminded of the potential for correction if geopolitical tensions ease, trade wars diminish, and global interest rate policies become more stable. "Corrections can occur if supporting factors weaken, although a sharp decline is not easy to occur," said Ibrahim.
In agreement with Ibrahim, currency analyst at Doo Financial Futures, Lukman Leong, believes that the long rise in gold prices is the result of an accumulation of mutually reinforcing global factors. He mentioned that investor confidence in gold has been formed since the COVID-19 pandemic and has been strengthened by the war in Ukraine and tensions in the Middle East. "This year, the uncertainty factor is even more complete, so gold prices are pushed higher," he said.
According to Lukman, the increase in demand comes not only from investors but also from central banks in several countries such as China, India, and Russia, which continue to increase their gold reserves. Lukman said that the buying action also erodes confidence in the US dollar and encourages a shift to safe-haven assets. In addition to physical gold, instruments such as digital gold and gold-based investment products are also starting to attract attention. Lukman emphasized that the limited global gold production compared to demand is the main reason why gold prices remain high.
Responding to EMAS's recent listing on the IDX, Lukman believes the decision was made at the right time. He said the high gold price momentum provides potential benefits for mining companies and investors in the sector.
"The timing is quite good because mining companies are enjoying the positive effects of high gold prices," he said. However, he reminded that the prospects of each company still depend on their respective fundamentals and operational performance.
