Regional Insights

Indonesia is home to approximately 284 million people spread across its 38 provinces. Within this vast social fabric, gold has long been regarded as an investment asset in Indonesian households, typically in the form of heirloom jewellery passed down from one generation to the next, or in modern-day gold bars and coins. Gold’s enduring appeal reflects both cultural tradition and a deep-rooted belief in its role as a secure and lasting store of value.

To explore current trends and future opportunities we conducted our 2025 annual Chinese jewellery retailer research in partnership with China Gold News for the sixth consecutive year. Through the lens of the retailer we found that gold products continue to dominate Chinese jewellery retailer sales while Heritage and Hard Pure gold jewellery products remain key sources of retailers’ profit. Buying for self-indulgent wear remains key in retailer jewellery sales. Retailer optimism around gold product sales is intact and self-indulgent buying may continue to drive business in the future.

In this investor research report, we explore Japanese investors’ attitudes to gold, such as gold’s shares in their portfolios, barriers to their gold allocation decisions and the potential for gold investment in the future. By assessing the current macro backdrop in Japan and studying local investors’ top needs, we believe gold has the potential to become a more relevant strategic asset in Japanese investors’ portfolios.

China’s gold jewellery demand, in tonnage terms, has been weakening in recent years. But in the meantime, consumers’ total spending on gold jewellery has increased. To identify key trends and opportunities in the market, we partnered with a global research agency in 2024 to conduct a large-scale consumer research project in major gold markets, including China. 

As we entered 2025, expectations for the US economy were at their highest compared to the previous two years and there was widespread belief that strong growth and significant asset-price increases would continue in 2025. Investors are now growing increasingly concerned over the growth and inflation outlook, both at the US and global levels, from the fallout of the ongoing trade war.

The global economy and the financial system are experiencing a period of exceptional uncertainty, weighing on growth outlooks. In such a volatile, unpredictable and uncharted environment, gold’s relevance as a strategic portfolio asset has grown even stronger. Given the exceptional uncertainties facing the investment landscape in 2025, it may be prudent for vigilant investors to consider the potential benefits that gold can bring to portfolios.

After a sizable rise in 2024, the 10-year Japanese government bond (JGB) yield has climbed further in 2025 to date.