Indonesia · IDR · May 2020
Gold Price in Indonesia — May 2020
In May 2020, the gold price in Indonesia closed at approximately Rp24,457,922 per troy ounce, equivalent to Rp9,171,868 per tola or Rp786,340 per gram. This represents a +1.68% change on the month (Rp24,054,415 open → Rp24,457,922 close).
Open
Rp24,054,415
per troy ounce
Close
Rp24,457,922
per troy ounce
High
Rp24,746,170
per troy ounce
Low
Rp23,712,224
per troy ounce
All unit prices at May 2020 close — Indonesia
| Unit | Weight | Closing IDR price |
|---|---|---|
| Troy ounce | 31.1035 g | Rp24,457,922 |
| Gram | 1.0000 g | Rp786,340 |
| 10 grams | 10 g | Rp7,863,399 |
| Kilogram | 1,000 g | Rp786,339,865 |
| Tola | 11.664 g | Rp9,171,868 |
Karat-purity breakdown at May 2020 close
| Karat | Per gram | Per tola |
|---|---|---|
| 24KINDONESIA STD | Rp785,554 | Rp9,162,696 |
| 22K | Rp720,287 | Rp8,401,431 |
| 21K | Rp688,047 | Rp8,025,385 |
| 18K | Rp589,755 | Rp6,878,901 |
| 14K | Rp460,009 | Rp5,365,543 |
| 10K | Rp327,904 | Rp3,824,669 |
Daily gold price in IDR — May 2020
May 2020 gold market: Grind higher as real yields sink
Range-boundA consolidation that held the April breakout.
Gold consolidated its gains in May, trading in the $1,690–$1,750 band. Record-low real yields and a steady expansion of central-bank balance sheets kept a firm floor under prices even as parts of the economy began reopening.
What drove gold in May 2020
- record-low real yields
- expanding central-bank balance sheets
- reopening optimism capping upside
- steady investment inflows into gold ETFs
Key events in May 2020
- May 18Gold pushes toward $1,765 on stimulus and ETF buying
What happened next
May's tight consolidation built the base for the explosive summer rally.
For gold buyers in Indonesia
May was a patience month — gold held its gains rather than extending them, rewarding accumulation over timing.
The 2020 gold market: COVID crash, recovery, and the all-time high above $2,000
March 2020 saw a brief gold sell-off during COVID liquidity panic (-12% in 2 weeks) before the metal rocketed to an all-time high of $2,075 in August. Year close: $1,898 — gold's best year since 2010.
Key drivers in 2020
COVID pandemic, unlimited Fed QE, fiscal stimulus, negative real rates, USD weakness
2020 XAU/USD high
$2,075 (Aug)
2020 XAU/USD low
$1,452 (Mar)
Era context — The modern bull market (2019 to today)
Gold's second major bull market of the 21st century. Driven by COVID stimulus, Russia sanctions, central-bank accumulation at record levels, and the structural shift toward a multi-polar reserve system. New all-time highs reached repeatedly since 2020.
The Indonesia gold market
Indonesia's retail gold market quotes per gram. PT Aneka Tambang (Antam) is the state-owned mint whose certified bars dominate the investment-grade segment. Most retail jewellery is 22K or 24K. Indonesia exempts investment gold from VAT but applies it to jewellery making charges.
Standard quote unit
gram
Common purity
24K
Currency
IDR (Rp)
Daily gold price — May 2020, Indonesia
Rp24,054,415
$1,715.91/oz
Rp24,023,854
$1,713.73/oz
Rp23,958,949
$1,709.10/oz
Rp23,825,774
$1,699.60/oz
Rp23,712,224
$1,691.50/oz
Rp23,888,857
$1,704.10/oz
Rp23,888,857
$1,704.10/oz
Rp24,004,397
$1,712.34/oz
Rp23,870,633
$1,702.80/oz
Rp23,865,025
$1,702.40/oz
Rp23,949,136
$1,708.40/oz
Rp24,274,364
$1,731.60/oz
Rp24,327,634
$1,735.40/oz
Rp24,746,170
$1,765.26/oz
Rp24,317,822
$1,734.70/oz
Rp24,364,082
$1,738.00/oz
Rp24,508,473
$1,748.30/oz
Rp24,180,441
$1,724.90/oz
Rp24,302,401
$1,733.60/oz
Rp24,330,845
$1,735.63/oz
Rp24,302,401
$1,733.60/oz
Rp24,115,956
$1,720.30/oz
Rp23,755,681
$1,694.60/oz
Rp24,075,302
$1,717.40/oz
Rp24,233,711
$1,728.70/oz
Rp24,457,922
$1,744.69/oz
How Indonesia gold prices are calculated on this page
Source. The international XAU/USD spot price comes from gold-api.com's historical archive (London PM-fix benchmark). The IDR/USD exchange rate comes from exchangerate-api.com's 2020 year-end snapshot.
Conversion. Every IDR figure on this page is computed as XAU/USD price × IDR/USD rate. We use the year-end exchange rate consistently across all May 2020 prices on this page.
Per-unit math. Per-gram = per-ounce ÷ 31.1035. Per-tola = per-gram × 11.664. Per-10g = per-gram × 10. Per-kilo = per-gram × 1000. Karat values multiply per-gram by the purity ratio (24K = 0.999, 22K = 0.916, 21K = 0.875, 18K = 0.750, 14K = 0.585, 10K = 0.417).
What this page does NOT include. Local sales tax / VAT, customs duty on imports, dealer making charges, jewellery design premiums, or coin numismatic premiums. To go from this pure-metal value to a final retail rate in Indonesia, add the country-specific levies described in the “Indonesiagold market” section above.
FAQ — Indonesia gold price in May 2020
What was the gold price in Indonesia in May 2020?
In May 2020, gold in Indonesia opened at Rp24,054,415/oz and closed at Rp24,457,922/oz — a move of +1.68% on the month. Per tola: ≈Rp9,171,868; per gram: ≈Rp786,340; per 10g: ≈Rp7,863,399.
What was the 24K gold rate per tola in Indonesia in May 2020?
The 24K gold rate per tola in Indonesia at the May 2020 close was approximately Rp9,171,868, derived from international XAU/USD spot of $1,744.69/oz times the 2020-end IDR/USD exchange rate of 14,018.4594. This is pure metal value; final retail rates include local taxes and dealer making charges.
What was the 24K gold rate per gram in Indonesia in May 2020?
Indonesia's most-quoted retail standard is 24K per gram. At the May 2020 close, that worked out to approximately Rp785,554 (24K pure-metal value). Add local taxes and making charges for the final retail rate.
How was the local currency price calculated?
IDR prices on this page are computed from the verified international XAU/USD spot price for May 2020 (sourced from gold-api.com), multiplied by the 2020-end IDR/USD exchange rate from exchangerate-api.com. We use year-end rates as a single reference point for the entire month — for most stable currencies the within-year FX drift is small, but during currency crises (PKR 2022–23, TRY 2022, ARS 2024 etc.) the actual mid-month rate may differ.
Why does the retail price in shops differ from this number?
The Rp figures here represent the international gold spot price converted to IDR at the 2020-end exchange rate. Indonesia's retail jewellers add (1) import duties and sales tax (varies by SKU and karat), (2) dealer making charges (typically 3–12% of metal value), and (3) a small premium for purity certification on bars. Always verify the exact day's retail rate with a reputable local dealer before transacting.
Want today's rate in Indonesia? See live gold prices in Indonesia with minute-by-minute updates and per-karat breakdowns.
Different month or year? Use the prev / next buttons above, or jump to the full 2020 archive or the USD-only May 2020 page with the country-by-country list at the bottom.
Other markets? Compare May 2020 prices across other major gold-trading countries: Malaysia, Singapore, Thailand, Philippines, Vietnam, Australia.
Disclaimer: Historical gold prices on this page reflect the international XAU/USD spot price for the requested period, converted to IDR at the 2020-end exchange rate. They are intended for informational and educational use only and do not constitute investment advice or a price quote for buying or selling physical gold today. Always verify current local rates with a reputable bullion dealer in Indonesia before transacting.