Gold prices have continued to skyrocket this year. At the beginning of this year, Antam's gold price was around Rp1,524,000 per gram, but has now risen 47.63% to Rp2,250,000 per gram. What are the opportunities for gold mining companies?
Soaring gold must even be an inflation-contributing commodity. The Central Statistics Agency (BPS) reported that gold jewelry became one of the commodities that contributed to inflation in September 2025.
Head of BPS Amalia Adininggar Widyasanti said the price of gold has increased consecutively over the past two years until September 2025. The increase contributed around 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, the increase in gold prices has occurred for 25 consecutive months since September 2023.
Gold prices in the domestic market also showed an upward trend. Antam gold bars on October 6, 2025 were 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 Rp1,482,000 per gram.
BPS also explained the breakdown of inflation based on its components. The core inflation component experienced a 0.18% increase with a 0.11% share of total inflation. Meanwhile, the administered price component rose 0.09% and volatile prices rose 0.30%. In terms of expenditure groups, the highest inflation was recorded in education, gold jewelry, and foodstuffs.
BPS said that the development of gold prices in the country follows the movement of global prices and public demand. The increasing trend that occurred for 25 consecutive months indicates a change in the pattern of gold prices in the medium term. The agency said it will continue to monitor gold's contribution to inflation in the next period.
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 EMAS stock code has an offering price of IDR 2,880 per share.
Based on IDX data, the total shares recorded by EMAS reached 16.18 billion shares, consisting of founding shares, treasury shares, and shares from the public offering of 1.62 billion shares. With the offering price, the funds raised by EMAS are expected to reach IDR 4.6 trillion. The initial public offering took place from September 17 to 19, 2025, with the listing taking place on September 23, 2025.
Merdeka Gold Resources is a subsidiary of PT Merdeka Copper Gold Tbk (MDKA) which is engaged in gold mining and its follower minerals. The company acts as the parent of several mining entities that are integrated from production to processing. Based on the company's prospectus data, Merdeka Gold Resources' gold mining processing capacity reaches 19 million tons per year.
Previously, PT Aneka Tambang Tbk (Antam) reported its financial statements for the first semester of this year on August 29, 2025. In the first 6 months of this year, Antam recorded net sales of Rp59.02 trillion, growing significantly by 155% compared to the same period last year of Rp23.19 trillion.
The gold segment is the largest contributor to Antam's sales, with significant sales growth 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 worth IDR 18.83 trillion.
Gold products became the largest contributor to Antam's sales with a proportion of 84% of Antam's total sales in 1H25. Gold sales growth in the first half of 2025, driven by global geoeconomic and geopolitical conditions and effective business strategies.
Antam recorded significant growth by again setting the highest quarterly gold sales record in history in the second quarter of 2025 (2Q25).
In response to the high demand for gold in the domestic market, the Company has consistently optimized marketing strategies that focus on product quality, safety, 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 utilization of the "ANTAM Logam Mulia" mobile application, which has made physical gold transactions safe and practical 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 people in implementing a diversification strategy that is adaptive and 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 a leading mining company in Indonesia," he said.
Momentum is right
Regarding GOLD, which is newly listed on the IDX, Gold Commodity Observer Ibrahim Assuaibi considers the timing of the public offering at a time when gold prices are high as the right step.
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 foreign and domestic investors. "Management understands the momentum of when to IPO so that buying interest can be encouraged," he said.
Ibrahim assessed that the momentum was in line with the long rise 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 affected market sentiment. "Trade, geopolitics, and interest rate speculation are a combination that strengthens gold prices," Ibrahim said.
On the industrial side, Ibrahim said that the mining sector is booming amid the rise in gold prices. According to him, many mining companies are expanding their business by opening new areas for exploration in order to meet market needs.
He pointed out that large companies such as Freeport can produce around 50 tons per year, while smaller private companies can produce 2 to 5 tons.
To maximize opportunities, Ibrahim suggested mining companies maintain production increases and use hedging instruments as needed. He said funds raised in the capital market can be directed to exploration and the addition of working areas.
However, Ibrahim warned of a potential correction if geopolitical tensions ease, trade wars ease, and global interest rate policies stabilize. "A correction can occur if the supporting factors weaken, although a sharp decline is not easy to happen," said Ibrahim.
In line with Ibrahim, Doo Financial Futures currency analyst Lukman Leong believes that the long rise in gold prices is the result of an accumulation of mutually reinforcing global factors. He said investor confidence in gold had been formed since the COVID-19 pandemic and was further strengthened by the war in Ukraine and tensions in the Middle East. "This year the uncertainty factor is more complete, so gold prices are pushed higher," he said.
The increase in demand, according to Lukman, came not only from investors but also from the central banks of a number of countries such as China, India and Russia, which continued to increase their gold reserves. The buying action, said Lukman, also eroded confidence in the US dollar and encouraged a shift to hedge assets. Apart from physical gold, instruments such as digital gold and gold-based investment products are also starting to attract attention. Lukman emphasized that the world's limited gold production compared to demand is the main reason why gold prices remain high.
Responding to EMAS's move to list on the IDX, Lukman believes that the decision was taken at the right time. He said the momentum of high gold prices 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 fundamentals and operational performance.
