Jakarta. The number of customers using Indonesia’s bullion banking services has climbed sharply over the past year, reflecting rising public interest in gold as global economic uncertainty drives demand for safe-haven assets.

Chuef Economic Affairs Minister Airlangga Hartarto said the number of bullion bank customers has increased from 3.2 million in February 2025 to 5.7 million today.

Indonesia’s bullion banking ecosystem was officially launched by President Prabowo Subianto on Feb. 26, 2025. State pawnshop operator Pegadaian and Bank Syariah Indonesia became the first two financial institutions licensed to operate the service.

“The amount of gold pawned at Pegadaian has increased to 144.7 tons from 94 tons previously. Loans backed by gold have also risen by 38.5 tons, equivalent to Rp102 trillion,” Airlangga said in Jakarta on Friday.

Gold holdings at Bank Syariah Indonesia have also expanded, reaching 22 tons, he added.

Airlangga said growing interest in gold has been fueled in part by global uncertainty. When Indonesia launched its bullion banking initiative last year, gold prices were around $3,000 per troy ounce. Prices have since climbed to roughly $5,000 per ounce.

Geopolitical tensions and economic volatility have encouraged investors and households to shift toward gold as a safer store of value, he said.

Data from the World Gold Council show that global gold demand reached a record 5,002 tons in 2025. The increase was largely driven by investment demand amid geopolitical and economic uncertainty.

Global purchases of gold bars and coins totaled 1,374 tons, equivalent to about $154 billion.

Airlangga also pointed to improvements in Indonesia’s financial inclusion landscape. According to the 2025 National Financial Literacy and Inclusion Survey conducted by the Financial Services Authority and Statistics Indonesia, the country’s financial inclusion index reached 92.74%.

The figure is significantly higher than the financial literacy index, which stood at 66 6%.

Airlangga said Indonesia’s inclusion level is relatively strong, exceeding the average of countries in the Organisation for Economic Co-operation and Development.

More than 10 million people have also participated in the National Financial Literacy Movement, known as GENCARKAN, he said.

Digital payment systems such as QRIS and the nationwide network of Laku Pandai agents — many of them micro, small and medium enterprises — have helped expand financial access across Indonesia’s 514 regencies and cities.

Looking ahead, the government is preparing to establish the National Financial Well-being Council (DNKK), which will complement the National Council for Financial Inclusion (DNKI). The initiative is part of the broader institutional framework introduced under the Financial Sector Development and Strengthening Law.