Indonesia gold market
Indonesia's gold investment market revolves around Antam — PT Aneka Tambang's Logam Mulia gold bars, quoted per gram with an official daily selling price and a separate buyback price published on the Logam Mulia website. Bars come in denominations from 0.5 grams up to 1 kilogram, making gold accessible to small savers as well as large investors. UBS gold bars and the state pawnshop network Pegadaian are other major retail channels, and many Indonesians buy gold through Pegadaian's instalment schemes.
Prices are quoted per gram in rupiah and move with the international spot price and the rupiah exchange rate. Antam's listed prices are base prices before tax. For jewellery (emas perhiasan), gold shops quote per gram by karat with making charges added, and bridal jewellery remains a major demand driver across the archipelago.
Gold functions as both savings and emergency reserve for Indonesian households, and price movements are followed closely in national media. The spread between Antam's selling price and buyback price is the key figure for investors calculating real returns.
Antam revises its prices regularly and every move is reported in national media, so Indonesian investors track the per-gram figure almost daily. Jewellery (emas perhiasan) remains culturally central for weddings and family milestones, quoted per gram by karat with making charges on top, while bars serve the pure savings motive.
Taxes and rules
Under Ministry of Finance Regulation PMK No. 34/PMK.10/2017, gold bar transactions carry Article 22 income tax (PPh). Purchases of gold bars are subject to PPh 22 of 0.45 percent for buyers holding a tax ID (NPWP) and 0.9 percent for those without one. Reselling bars back to Antam (buyback) above IDR 10 million is subject to PPh 22 of 1.5 percent for NPWP holders and 3 percent for those without, withheld directly from the payout. Each purchase comes with a tax withholding certificate.
Because quoted prices exclude these taxes, factor them into any return calculation. Tax rules can change — verify the current PMK provisions before large transactions.
For zakat calculators
Indonesian gold is quoted per gram, so zakat maths is direct: the gold nisab is 87.48 grams at the current per-gram rate. With Indonesia's large Muslim population, zakat on wealth (zakat mal) is widely practised, often channelled through bodies like BAZNAS. Convert holdings to rupiah at market rates, add cash and trade goods, and compare against the nisab — many use the lower silver nisab for mixed assets.
Try our free zakat calculator with live prices and automatic nisab check. Farmers: also see our ushr calculator.
Frequently asked questions
What is Antam gold?
Antam (PT Aneka Tambang) is Indonesia's state-linked miner whose Logam Mulia gold bars are the national benchmark for retail gold investment. Prices are quoted per gram with official daily selling and buyback prices published online.
What taxes apply when buying gold bars in Indonesia?
Purchases carry Article 22 income tax (PPh) of 0.45 percent for NPWP holders and 0.9 percent without an NPWP, under PMK No. 34/PMK.10/2017. Listed prices are base prices before this tax.
Is there tax when selling gold back in Indonesia?
Yes — buyback transactions above IDR 10 million are subject to PPh 22 of 1.5 percent for NPWP holders and 3 percent for those without, deducted directly from the payment.
What is the difference between Antam's selling price and buyback price?
The selling price is what you pay per gram; the buyback price is what Antam pays to repurchase your bars. The gap between them, plus taxes, determines your effective return — always compare both before buying.
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