Hartadinata Abadi Climbs Southeast Asia 500 Amid Surging Gold Prices

Indonesian gold retailer Hartadinata Abadi has made a significant ascent on the Fortune Southeast Asia 500, rising 115 places to position No. 129. The company's revenue surged by 135%, marking it as the biggest climber on this year's ranking. This growth coincides with a period of escalating gold prices, which hit a record high of $5,589.38 per ounce in January.

Global demand for the precious metal increased by 84% to 2,175 tons in 2025, according to the World Gold Council. This surge reflects increased interest from both central banks and retail investors worldwide, particularly amidst geopolitical uncertainty.

Thendra Crisnanda, director of investor relations at Hartadinata, noted that gold has historically been an integral part of investment culture across Indonesia and Southeast Asia. Following the COVID-19 pandemic, a substantial shift in demand has been observed, moving from gold jewelry towards investment products like gold bars and bullion. In the first quarter of 2026, bullion accounted for 98% of Hartadinata’s $27.2 million revenue, while jewelry contributed 2%.

This shift mirrors a broader pattern of investors seeking gold as a safe haven asset during times of economic uncertainty. Joshua Rotbart, founder of bullion firm J. Rotbart & Co, highlighted that younger investors, having experienced business shutdowns and market volatility during the pandemic, are now more inclined to invest in gold to diversify their portfolios.

Digital wealth management platforms are also reporting increased interest. Endowus, a Singapore-based platform, saw its assets under advisory in precious metals jump tenfold in 2025, from $4.2 million to $47.9 million. Hugh Chung, Endowus' chief investment officer, anticipates continued interest in gold across Asia, driven by financial uncertainty, concerns about the U.S. dollar, and enhanced accessibility through digital platforms.

Central banks globally are increasingly incorporating gold into their reserves, often at the expense of U.S. Treasuries. In 2025, gold constituted 27% of global central bank reserves, surpassing U.S. Treasury bonds at 22%—the first time this has occurred in two decades. Stephanie Leung, chief investment officer at StashAway, explained that the perception of U.S. government bonds as a risk-free safe haven has shifted due to rapidly increasing U.S. fiscal spending and a changing global role.

This trend among central banks, such as the People’s Bank of China's consistent gold purchases for 18 consecutive months as of May 2026, also signals to retail investors that gold is a worthwhile investment. Digital trading platforms further democratize access to gold, allowing ordinary individuals to invest in smaller amounts, bypassing the significant cost of traditional 400-ounce gold bars.

(Source: Fortune)