Jakarta. A sharp rise in gold prices has triggered a buying frenzy in Indonesia, leading to a shortage of gold bars produced by state-owned miner Aneka Tambang (Antam).

The current gold rush underscores Indonesians’ continued reliance on physical gold as a safe-haven asset amid global market uncertainty, inflationary pressures, and a weakening rupiah.

According to Antam’s official website Logam Mulia, a gram of gold is priced at Rp 2.31 million ($139) on Wednesday, but all sizes of gold bars were marked “currently unavailable.”

Ibrahim Assuaibi, Director of Laba Forexindo Berjangka, said that Antam’s gold supply has run dry at several official outlets, including Antam galleries and Pegadaian branches, as speculators move to hoard bullion.

“It’s likely that certain buyers bought large quantities and are now reselling them at much higher prices -- even exceeding Rp 3 million ($180) per gram,” Ibrahim said on Wednesday.

The scarcity has prompted many individuals to capitalize on the situation by reselling their Antam gold bars online at inflated prices. On social media platforms such as the ‘Antam Gold Trade JABODETABEK’ Facebook group, sellers are listing gold bars for above Rp 3 million a gram, well beyond Antam’s official rate.

Ibrahim explained that while most consumers prefer to purchase gold through official channels such as Pegadaian or Antam, the lack of supply has forced them into the secondary market, where prices are unregulated.

“People want to buy gold at the official price, but when stocks run out, they turn to intermediaries or jewelry stores,” he said. “Now, sellers set prices unilaterally -- they simply say, ‘If you want it, take it; if not, that’s fine too.’”