Jakarta. Indonesia could emerge as a major player in the global gold market, potentially rivaling China and India, as a growing number of Indonesians turn to gold to build financial resilience and safeguard their wealth, according to a new report by the World Gold Council (WGC).

The report, titled “Gold for the Nation: Strengthening the Financial Resilience of Indonesians,” found that two out of three Indonesians, or about 67 percent of investors, hold gold in various forms, from jewelry and bullion to exchange-traded funds (ETFs) and other gold-backed securities.

Shaokai Fan, WGC’s Head of Asia-Pacific (excluding China), said Indonesian investors are drawn to gold’s stability and liquidity, particularly amid economic uncertainty.

“Gold remains a cornerstone investment because it is easy to buy and sell, and it consistently performs well even when markets are volatile,” Fan said in Jakarta on Wednesday.

He added that Indonesia’s strong cultural affinity for gold and a growing middle class position the country to rival Asia’s largest gold markets.

“We see Indonesia becoming a key player in the global gold market, potentially on par with China and India in the future,” he said.

The WGC report also noted that gold has been the best-performing asset in Indonesia over the past two years, returning 32 percent in 2024 and 44 percent so far in 2025. About 85 percent of current gold investors said they plan to reinvest within the next year, while 26 percent of non-investors expressed interest in starting within the same period.

“Indonesian investors are driven by a strong desire for financial stability,” Fan said. “Gold allows them to preserve wealth while maintaining liquidity, helping them prepare for the future with confidence.”

He added that gold helps portfolios withstand external shocks and serves as a diversifier when combined with other major asset classes. “Investors who can maximize gold’s potential are better positioned to secure their financial future,” Fan said.