HRTA Gold Insights October 2025: Gold Prices Record All-Time High, 2025 Potential To Be The Strongest Year Since 1979

JAKARTA - The price of gold again recorded a new history in October 2025, breaking an all-time high record at USD 4,356/oz level on October 20, 2025, before closing around USD 4,015/oz at the end of the month. On average, the price of gold during October was at USD 4,059/oz or equivalent to Rp2,164,238 per gram, growing +11 percent MoM, and +48.46 percent YoY (USD) and +56.84 percent YoY (IDR) respectively. Throughout the year, the price of gold has risen +37.88 percent YTD (USD) and +40.67 percent YTD (IDR), making 2025 potentially a year with the best gold price performance since 1979.

Based on data collected by the HRTA team from various sources, this sharp increase was triggered by a combination of global macro-factors, starting from the weakening of US inflation, the expectations of cutting the Fed's interest rates, economic uncertainty due to the potential shutdown of the US government, to increasing geopolitical tension in early October. The results of the FOMC meeting on October 29, 2025, which lowered the 25-bps interest rate to the level of 3.75-4.00 percent, also strengthened bullish sentiment towards gold, although the Fed has not provided further funding certainty in December.

Domestically, Bank Indonesia maintained interest rates at the level of 4.75 percent in October to contain the depreciation of the Rupiah which closed at Rp16,600/USD. This condition creates a double impact for the domestic gold market: when the global gold price was corrected, the price of gold in the Rupiah remained high and even increased due to the weakening of the exchange rate.

Responding to this condition, HRTA's Director of Investor Relations, Thendra Crisnanda commented,; the global gold price spike not only reflects changes in the market cycle, but also shifts investors' strategies towards hedging assets.

"With the decline in interest rates in the US and the depreciation of Rupiah in the country, we see opportunities for strong gold demand growth until the end of the year. For Indonesian consumers, gold now serves not only as value protection, but also as part of the diversification of family assets, especially in the midst of global economic uncertainty," he said, in a written statement, Thursday, November 6.

Thendra added that November will be a closely monitored month for the market, especially ahead of the release of the latest economic data and the next Bank Indonesia meeting. If BI again cuts interest rates, domestic gold prices have the potential to experience further increases.

In addition, world gold prices have now passed the projected target of international analysts. Goldman Sachs, which originally projected a gold price at the USD 3,700/oz level for the end of 2025, has now revised their forecast to USD 4,900/oz for December 2026. Meanwhile, JP Morgan estimates that the gold price will reach USD 5,055/oz by 2026.

This strong market momentum also emphasizes the position of PT Hartadinata Abadi Tbk (HRTA) as a key actor in the national gold supply chain. In addition to serving retail consumers through HRTA Gold, the company is now expanding its role as a supplier of gold bullion for financial institutions including Bank Syariah Indonesia (BSI), Pegadaian, and Bank Muamalat, which have recently collaborated with HRTA to strengthen the sharia gold ecosystem in Indonesia.

Regarding the company's strategic direction, HRTA President Director, Sandra Sunanto, said that the increase in global gold prices has further strengthened the position of gold as a long-term asset for Indonesian families.

"For HRTA, this momentum is in line with our vision to present gold products that are safe, quality, and easily accessible, not only through retail but also through financial institutions and the sharia ecosystem. We believe that the future of the gold industry is not only talking about prices, but about trust, transparency, and access sustainability," he explained.

Sandra emphasized that HRTA's expansion into the Islamic finance sector is not just a business step, but a long-term foundation for creating an inclusive gold market.

Sebagai informasi, harga terbaru HRTA Gold per 5 November 2025, pukul 09.00 WIB tercatat sebesar Rp2.245.000 per gram. Informasi harga emas HRTA Gold serta harga buyback diperbarui secara berkala dan dapat diakses melalui https://emasku.co.id/price, sehingga masyarakat dapat selalu mendapatkan referensi terkini dalam merencanakan investasi emasnya.