Gold prices have reached their highest level in history, marking a new all-time high (ATH). However, analysts predict that the value of this precious metal will continue to climb and could surpass Rp 3 million per gram by the end of 2025.

Currency and commodity analyst Ibrahim Assuaibi believes the uptrend in gold prices will persist through the end of 2025. According to him, geopolitical tensions, ongoing trade wars, and the U.S. Federal Reserve’s interest rate policy are the main drivers behind this surge in gold value.

“The U.S. central bank is expected to lower interest rates around November to October, the trade war is still ongoing, and geopolitical conflicts in the Middle East and Europe remain intense,” Ibrahim told detikcom on Tuesday (October 21, 2025).

Given these circumstances, Ibrahim projects that global gold prices could reach US$ 4,500 per troy ounce by the end of the year. Consequently, domestic gold prices in Indonesia—which generally follow global trends—are also expected to rise above Rp 3,000,000 per gram.

“As of today, I remain optimistic that gold could reach US$ 4,500 per troy ounce globally. This projection applies to the world gold price first,” he explained.

“If that happens, gold prices in Indonesia will likely exceed Rp 3,000,000 per gram, possibly around Rp 3,150,000 per gram by the end of the year,” Ibrahim added.

Due to the sharp increase in gold prices in recent weeks, Ibrahim noted that the cost of investing in gold has become significantly higher. Moreover, the physical gold supply in the market is reportedly becoming increasingly scarce.

“Gold prices are now around US$ 4,341 per troy ounce, and earlier they even touched US$ 4,380 per troy ounce. Just imagine—quite distant in numbers, but close to the heart; that’s gold for you,” he said humorously.

In addition, Indonesia’s domestic gold market is also affected by the weakening of the rupiah against the U.S. dollar. Combined with the continuous rise in global prices, this has pushed domestic gold prices even higher.

“So, prices are likely to stay above Rp 3,000,000 per gram. The exchange rate is also volatile—earlier the rupiah strengthened by six points, but now it has weakened by 17 points,” Ibrahim explained.

Gold Prices Expected to Continue Rising

Similarly, Lukman Leong, a currency and commodity analyst at Doo Financial Futures, also expects gold prices to keep climbing. He explained that global demand for gold remains exceptionally strong, independent of speculative factors like trade wars, geopolitical risks, and other influences.

“What’s certain is that demand remains very strong—especially from central banks. At least for the next three to five years, it will continue to stay robust,” said Lukman.

He predicts that gold prices could reach US$ 4,400–US$ 4,600 per troy ounce, meaning Indonesian gold prices could also climb to around Rp 3,000,000 per gram by the end of the year.

“By the end of this year, gold access may become more limited since prices have already risen significantly, although gold still has the potential to surprise,” he explained.

“I think an ideal closing price would be around US$ 4,400 to US$ 4,600 per troy ounce. Gold prices in Indonesia will simply follow the global percentage increase, assuming the rupiah remains around current levels,” Lukman concluded.