For decades, gold has been recognized as one of the most popular investment instruments globally, including in Indonesia. Beyond its role as jewelry, gold prices are often used as a benchmark of economic strength and a primary asset for investors seeking to preserve value amid inflation and financial market volatility.
This article reviews the evolution of gold prices over time, highlighting year-to-year trends and the key factors shaping gold’s long-term performance based on historical data and credible analysis.
Read more: What is Tether Gold (XAUt) and Why is it Relevant in the Current Market?
Historical Gold Price Movements Across Decades
The 1970–1999 Era
Modern gold price history began in 1971, when U.S. President Richard Nixon ended the direct link between the U.S. dollar and the gold standard. Following this decision, gold prices were allowed to move freely in response to global market forces.
During the 1970s and early 1980s, gold prices surged sharply due to high inflation and geopolitical tensions, reaching several hundred dollars per ounce. However, between 1980 and 1999, gold prices declined and stagnated, hitting lows in the late 1990s amid global economic instability and increased gold supply.
The 2000–2010 Period
At the start of the new millennium, gold prices began rising again, driven by growing global demand and increasing economic uncertainty. The 2008 global financial crisis reinforced gold’s role as a safe haven, with prices climbing from around USD 700 to nearly USD 1,800 per ounce between 2008 and 2011.
2012–2020: Fluctuation and Relative Stability
The 2012–2020 period was characterized by more stable gold prices following the previous peak. Prices declined and consolidated in the range of USD 1,100–1,400 per ounce, in line with the gradual recovery of global financial markets. Toward the end of the decade, however, gold prices resumed an upward trend as global economic uncertainty increased ahead of the COVID-19 pandemic.
2020–2024: Post-Pandemic Acceleration
The COVID-19 pandemic marked a pivotal phase for modern gold prices. Demand surged as investors sought safe-haven assets, pushing gold prices to new global record highs. In Indonesia, gold bullion prices rose significantly during this period; for example, the price of 1 gram of Antam gold increased from around IDR 676,000 in 2019 to over IDR 1,345,000 in 2024.
2025–2026: Price Surge (Latest Update)
During 2025 and into early 2026, gold prices entered another strong upward phase. According to Tempo, on February 4, 2026, the price of Antam gold bullion jumped by IDR 102,000 per gram in a single day, bringing prices to approximately IDR 2.9 million per gram.
This sharp increase reflects robust demand for gold as a safe-haven asset amid ongoing global economic uncertainty, geopolitical tensions, and shifting international policy dynamics. While short-term price movements remain volatile, overall gold price levels remain significantly higher than in previous years, reinforcing gold’s long-term upward trajectory.
Annual Gold Price Growth Trends
Overall, gold prices exhibit a long-term upward trend despite periods of short-term volatility. Historical data shows that average annual gold price growth can reach 10–20%, and even higher when viewed over five- or ten-year horizons.
As an illustration, investors who purchased gold approximately ten years ago have seen cumulative price gains of around +147% by 2024. The strong price performance observed in 2025–2026 further strengthens gold’s position as a resilient medium- to long-term investment asset.
Factors Influencing Gold Price Movements
Gold prices are influenced by various global and domestic economic factors, including:
1. Economic Uncertainty
During periods of recession, geopolitical conflict, or financial crises, investors tend to shift capital into safer assets such as gold, increasing demand and prices.
2. Central Bank Monetary Policy
Interest rate policies—particularly in major economies like the United States—have a significant impact on gold prices. Lower interest rates typically enhance gold’s attractiveness.
3. Inflation and Currency Value
Gold is widely regarded as a hedge against inflation and currency depreciation, strengthening its appeal during periods of rising prices or weakening currencies.
4. Global Demand
Demand from major markets such as China and India, both for reserves and domestic consumption, plays a crucial role in shaping global gold prices.
5. Supply and Demand Dynamics
Fundamental economic principles apply: when gold demand exceeds supply, prices tend to rise, and vice versa.
Read more: Portfolio Diversification Strategy with Crypto, Gold, and Stocks
XAUt as an Alternative Gold Investment
In addition to gold ETFs, investors now have another option in the form of tokenized digital gold, such as Tether Gold (XAUt). XAUt is a digital token pegged 1:1 to physical gold, where each token represents 1 troy ounce of gold stored in high-standard secure vaults.
Through this mechanism, investors gain full exposure to gold price movements in a more practical and efficient digital asset format. Key advantages of XAUt include:
- Fast and flexible transactions, without the need to store physical gold
- Global access, without requiring stock brokers or commodity exchanges
- High liquidity, as it can be traded digitally
- Suitable for investors who want to combine gold’s safe-haven characteristics with blockchain technology
Digital gold such as XAUt can serve as a complement to gold ETFs, especially for investors looking to diversify between traditional financial instruments and blockchain-based digital assets.
How to Buy XAUt on Mobee
Follow these steps to buy XAUt through the Mobee app:
- Registration and Verification: Register and complete the account verification (KYC) process first.
- Deposit Funds: After verification, deposit some funds into your Mobee wallet to facilitate the purchase.
- Open the Trade Menu: Access the Trade menu at the bottom of the app.
- Select XAUt: Find XAUt in the asset list or search by keyword "XAUt".
- Select Trading Pair: Select a trading pair, such as XAUt/USDT.
- Transaction Method: Determine the transaction method:
- Market Order: For the current market price.
- Limit Order: For a price you set yourself.
- Enter Amount: Enter the amount of XAUt you want to buy and check the transaction information.
- Confirmation: Click "Confirm" to process the purchase.
After a successful transaction, you can find the XAUt asset in the Wallet section.
Conclusion
Historically, gold prices have fluctuated from year to year but continue to demonstrate a consistent long-term upward trend. The price surge observed during 2025–2026 further reinforces gold’s role as a key safe-haven asset amid ongoing global economic uncertainty.
For investors and the broader public, understanding gold’s historical price trends and the factors driving its movement is an essential first step when considering gold as part of a medium- to long-term investment strategy.
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