Gold Prices Fluctuated, HRTA Sees Demand Remains Strong

JAKARTA - Global gold prices have recorded a significant spike at the beginning of 2026, amid geopolitical dynamics and global policy uncertainty. On January 29, 2026, the world gold price set an all-time high at 5,594 US dollars per ounce, a sharp increase from the position of 4,372 US dollars per ounce at the beginning of January.

Year-to-date and month-to-date, gold prices have risen by around 24 percent. In rupiah terms, the increase in gold prices was even more felt when it briefly touched the level of Rp3,021,839 per gram, recording growth of around 28% YTD/MTD, along with the weakening of the rupiah exchange rate to the range of Rp16,790 per US dollar.

However, global gold prices experienced a sharp correction of more than 10 percent, falling to the range of 4,400 US dollars per ounce in the following days. This correction was triggered by the strengthening of the US dollar and the market's response to expectations of tighter US monetary policy.

In the domestic market, volatility is also visible. In early February 2026, the price of gold bars fell by around Rp183,000 per gram in one day, reflecting the market's sensitivity to global dynamics. However, prices remain well above the level at the beginning of the year, confirming that the medium-term trend of gold is still in an strengthening phase.

"This short-term correction actually shows the character of gold as a liquid asset and responsive to global dynamics, as well as opening up accumulation opportunities for consumers who want to save for the long term. Geopolitical uncertainty, fiscal risks, and global monetary policy directions continue to drive interest in gold," said Thendra Crisnanda, Director of Investor Relations PT Hartadinata Abadi Tbk (HRTA), in a statement, Monday, February 9.

The increase in gold prices in January 2026 occurred amid global geopolitical and macroeconomic dynamics that were full of uncertainty. A number of international issues, ranging from the potential government shutdown in the United States to geopolitical tensions, encourage people to look back at gold as a valuable savings that can help maintain asset values gradually and in the long term.

At the same time, the relatively stable US macroeconomic conditions with inflation in the range of 2% and the Fed's stance which is still holding interest rates also shape market expectations on the direction of future monetary policy, which has a direct impact on the movement of global gold prices.

In terms of macroeconomics, the United States inflation was recorded at a stable level of 2 percent, with the Federal Reserve maintaining its benchmark interest rate. Bank Indonesia also took a similar stance to maintain exchange rate stability, while Indonesia's inflation in December 2025 was at 2.9 percent, still within the Bank Indonesia target. The government estimates that national economic growth in 2026 could reach around 5 percent.

On the global demand side, the world's central banks are still recording large-scale gold purchases. Swiss trade data shows that Swiss gold exports increased 27 percent on a monthly basis in December 2025, reflecting strong global demand. The World Gold Council noted that as of the third quarter of 2025, the United States was still the largest holder of gold reserves with 8,133 tons, followed by Western European countries of 10,727 tons, Eastern and Central Europe 3,985 tons, and China 2,303 tons.

A number of global financial institutions have raised their gold price forecasts for 2026. Deutsche Bank is targeting gold prices at $6,000 per ounce.

Morgan Stanley is projecting a bullish scenario at $5,700 per ounce. UBS AG raised its target to $6,200 per ounce for the I-III quarter period of 2026, before forecasting a moderate correction to around $5,900 by the end of the year. Meanwhile, Goldman Sachs maintains a target of $5,400 per ounce by the end of 2026, although this level was reached at the end of January.

In general, market consensus puts the 2026 gold price in the range of 5,000-6,000 US dollars per ounce, reflecting expectations of continued safe haven demand and a relatively low real interest rate environment.

In the midst of the global gold price rally, PT Hartadinata Abadi Tbk's shares recorded outstanding performance throughout 2025. HRTA shares jumped around 580% year-on-year, from Rp328 per share to Rp2,150 per share at the end of 2025, with a valuation of around 14 times price-to-earnings (PE).

This performance reflects market confidence in the Company's fundamentals and growth prospects. Even when the domestic stock market was under pressure, including due to the adjustment of the MSCI index which had weakened the JCI, HRTA shares had relatively shown resilience compared to the overall market.

"With the fundamentals maintained and the gold business ecosystem increasingly integrated, we see the current gold price momentum as an opportunity to strengthen the role of HRTA in meeting the needs of the domestic market, both for investment, consumption, and the national gold ecosystem," added Thendra.

For information, the latest HRTA Gold price as of February 9, 2026, at 13.17 WIB was recorded at Rp2,926,000 per gram. Information on HRTA Gold gold prices as well as the best buyback prices is updated periodically and can be accessed through the website hrtagold.id/en/gold-price, or through the HRTA Gold application available on the App Store and Play Store. Users can also make physical gold transactions and buybacks in a practical and safe manner, as well as get the latest references in planning their gold savings.