As of April 28, the World Gold Prize is about $ 3,338 per ounce (about 28 grams), while in Indonesia, it was 1.965 million rupees (US $ 117) per gram.
This represents an increase of approximately 10% against a month ago, when it was 1.79 million rupees.
Other countries in the region have also reported having seen symptoms of gold fever.
In Malaysia, some stores have declared a 25% increase in customers, according to local media.
Vietnam has also pointed out long queues outside stores to buy gold.
In Thailand, where gold also retains a strong cultural meaning, the young generations enter the market thanks to financial advice based on social media. Consequently, the applications and platforms of gold commerce are flourishing.
However, there was no report of people who were queuing overnight in these countries, as we see in Indonesia.
While some people in Indonesia may understand that the price of high gold is linked to Trump's release day, others may not do so, said Eko.
He added that the cost of living in Indonesia has also increased, people want to prepare for rainy days.
In addition, some people may still have money from their religious allocation in Eid, which employers have given their staff towards the end of March, and they think that it is preferable to spend it in gold.
Eko has said that many of those who line up for gold in recent times are young people such as RESTY, and the high demand may be due to the fact that generation Z and generation Y are financially more literate than older generations in Indonesia.
“Generation Z and generation Y may not have much money, but they are starting to invest earlier than previous generations,” added Eko.
He also said that because the two generations are digitally connected, they tend to have an increased fear of missing (FOMO).
The economist Fithra Faisal of the Securities brokerage company, Samuel Sekuritas Indonesia, shared the same point of view.
He also said that because many Indonesians live from a pay check to the pay check, they want to get an advantage of the current situation, because an increase in the price of gold seems to be an easy way for them to buy, then to resell quickly to take advantage.
“Because there is the potential that the price of gold is still increasing – three weeks ago, it was 1.7 million rupees per gram, then 1.8 million rupees, then 1.9 million, then 2 million, they want to benefit from it.”
