Indonesia Q1 gold bar, coin demand jumps 102% QoQ, WGC says

By Pandu Setiabudi

Demand for gold bars and coins in Indonesia surged in the first quarter of 2026 to 23.6 tonnes, up 102% quarter-on-quarter and 47% year-on-year, reflecting rising investor interest. The data was published by the World Gold Council (WGC) in its latest report April 29.

The 102% quarter-on-quarter increase marks the highest growth globally.  In terms of volume, Indonesia’s gold bar and coin demand in Q1 2026 ranked fourth in the world, behind China (206.9 tonnes), India (62.3 tonnes), and Turkey (26.1 tonnes). This represents a sharp increase compared to 2025 levels, when demand stood at 16.1 tonnes in Q1, 10.4 tonnes in Q2, 17.7 tonnes in Q3, and 11.7 tonnes in Q4.

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The World Gold Council attributed the rise to investor concerns over economic uncertainty and inflation, prompting a shift toward gold as a safe-haven asset.

In contrast, gold jewellery demand in Indonesia declined to 3.3 tonnes in Q1 2026, down 39% quarter-on-quarter and 20% year-on-year. This mirrors the global trend, where jewellery demand fell by 31% quarter-on-quarter and 23% year-on-year.

Globally, the World Gold Council reported total gold demand of 1,231 tonnes in Q1 2026, down 6% from the previous quarter but up 2% year-on-year. The annual increase was primarily driven by a surge in gold bar and coin investment demand, which rose 42% to 474 tonnes, making it one of the highest quarters on record, with Asian investors leading the charge. While the jewellery demand declined by 23% from 391 tonnes to 300 tonnes.

The shift from jewellery to bar and coin demand in Indonesia has been evident since 2020, earlier than the global trend which has emerged only in the past two years. The gap between jewellery and investment demand in Indonesia has widened significantly over the past two years, with the rise in bar and coin demand closely tracking global gold price movements.

Editing by Reiner Simanjuntak