Gold prices are projected to keep hitting new all-time highs (ATH), driven by strong global demand and a weakening U.S. dollar. 

As of Thursday afternoon, December 4, 2025, spot gold stood at US$4,203 (Rp70 million) per troy ounce, slightly down by 0.15 percent. Still, the commodity has surged 59.20 percent year-to-date and climbed 5.66 percent over the past month.

In Indonesia, gold produced by state miner Antam has soared to Rp2.40 million per gram, with a buyback price of Rp2.26 million per gram ‒ marking another milestone in the domestic market.

According to Bank Syariah Indonesia (BSI) Chief Economist Banjaran Surya Indrastomo, the ongoing rally remains resilient even as global uncertainties begin to ease. He said the upward trend is largely influenced by the depreciating U.S. dollar, falling bond yields, and continued central bank gold purchases.

“We expect central banks and investors to continue buying gold into next year, supported by the weak dollar,” Banjaran said during the BSI Sharia Economic Outlook 2026 in Jakarta on Thursday, December 4, 2025.

He noted that gold is no longer functioning solely as a traditional hedging tool. Interestingly, investment-driven demand ‒ particularly in gold-based ETFs (Exchange-Traded Funds) ‒ has seen rapid growth. Europe and North America continue to lead inflows into gold investment instruments, with Asia also maintaining high levels of purchasing as of October 2025.

While he acknowledged that prices may flatten due to profit-taking by institutional investors such as hedge funds and equity players, Banjaran still sees upside potential.

A recent Goldman Sachs survey supports that view: 36 percent of over 900 institutional respondents expect gold to break US$5,000 per ounce by the end of 2026, representing the largest group in the poll. Another 33 percent foresee a range of US$4,500–US$5,000. In total, more than 70 percent remain bullish on continued price increases, while only around 5 percent anticipate a decline toward US$3,500–US$4,000 within the next year.

Gold recently touched its highest level in two weeks as markets bet on U.S. Federal Reserve rate cuts. Spot prices rose 0.45 percent to US$4,175.50, and futures gained 0.53 percent to US$4,187.40.

In the same survey, 38 percent of investors identified central bank purchases as the primary price driver, followed by 27 percent citing fiscal concerns. Retail buyers and hedge funds are also increasing their exposure to gold as a safe haven, amid risks linked to inflation, geopolitical tensions, and dollar weakness.

Global central banks are boosting reserves due to gold’s liquidity, low default risk, and neutral status as a global asset.

Phil Streible, Chief Market Strategist at Blue Line Futures, believes the bullish trend will continue through 2026.

“The global economic outlook continues to support gold,” Streible told CNBC on Thursday, December 4, 2025.

With strong investment flow and supportive macroeconomic conditions, analysts suggest that gold’s shine is far from fading ‒ and a new record high may soon be on the horizon.