The year 2025 has been a dramatic stage for gold. The precious metal, long seen as a safe-haven asset, continues to break record after record in both global and domestic markets. This phenomenon raises a big question: does the surge in gold prices reflect global market panic, or is it simply a wave of investment euphoria?
New Records That Shocked the Market
In February 2025, global spot gold prices soared to US$ 2,956.15 per ounce, marking the eleventh record high of the year. In Indonesia, Antam gold also made headlines by hitting Rp 1,745,000 per gram in March 2025, climbing Rp 3,000 above its previous peak. These milestones have drawn massive attention from investors who see gold as a primary choice in uncertain times.
What’s Driving the Surge?
Several key factors are fueling gold’s rally. First, global uncertainty triggered by President Donald Trump’s new tariff plans has rattled markets. Second, the weaker US dollar has made gold more affordable for international buyers. Third, expectations of a Federal Reserve rate cut in mid-2025 have pushed investors to favor gold over fixed-income assets. Together, these dynamics have intensified demand for gold.
A Unique Phenomenon: Gold and Stocks Rising Together
Normally, gold prices climb when stock markets weaken. But this time is different. Gold is reaching record highs even as global stock indices rally, driven by optimism in US economic growth, advancements in AI, and strong corporate earnings. This unusual parallel highlights the market’s complexity, where investors chase opportunities while also seeking protection.
Euphoria or Panic?
Many investors see the rally as market euphoria, believing that gold’s momentum will continue. Optimism surrounding rate cuts and gold’s role as a hedge reinforces this confidence.
On the other hand, some argue the surge reflects panic-driven reactions to looming risks in the global economy. Concerns over high US tariffs, inflationary pressures, and geopolitical uncertainty are prompting investors to rush into gold as a safe haven.
Impact on Indonesia
The global gold rally has had a direct impact on the domestic market. Demand for Antam gold bars has risen sharply, though challenges remain. For example, the 0.9% PPh 22 tax on gold bar purchases is a key consideration for smaller investors, underscoring the importance of careful planning and investment strategies.
Conclusion
Gold’s climb to historic highs reflects the tug-of-war between fear and optimism in today’s markets. On one side, investors seek to shield assets from uncertainty. On the other, there’s strong confidence in economic growth and looser monetary policy.
Gold remains a crucial safe-haven asset. Still, investors should be mindful of short-term volatility and base their decisions on thorough analysis—not simply on market panic or euphoria.
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