Gold rally lifts Indonesian retailer in Southeast Asia ranking

Indonesia's Hartadinata Abadi made the biggest move up Fortune's Southeast Asia 500, climbing 115 places to No. 129 as investors bought more gold. The rise shows how the global rush into bullion is changing parts of Asia's retail investment market and boosting companies tied to precious metals.

Fortune reported that Hartadinata's revenue rose 135%, helped by a sharp shift toward investment gold. Thendra Crisnanda, the company's director of investor relations, told Fortune that gold has long been used in Indonesia and Southeast Asia to store family wealth, but demand has moved since the pandemic from jewelry toward bars and bullion-linked products.

That change is visible in Hartadinata's sales mix. Fortune reported that bullion accounted for 98% of the company's $27.2 million in revenue in the first quarter of 2026, while jewelry made up 2%.

The broader market backdrop has been favorable. The World Gold Council said global gold demand rose 84% in 2025 to 2,175 tons, and Fortune reported that gold reached a record $5,589.38 an ounce in January.

Central banks and retail buyers fuel demand

Fortune reported that geopolitical unease helped push central banks and individual investors toward gold in 2025. Central banks also shifted more reserves into bullion: gold accounted for 27% of global central bank reserves in 2025, ahead of U.S. Treasury bonds at 22%, the first time in two decades that gold surpassed Treasuries by that measure.

Stephanie Leung, chief investment officer at Singapore-based robo-adviser StashAway, told Fortune that U.S. government bonds had long been treated as the default safe asset, but rising U.S. fiscal spending and a reduced U.S. global role have changed how some investors see that trade.

Joshua Rotbart, founder and managing partner of bullion firm J. Rotbart & Co, told Fortune that central bank buying can influence households as well. He said retail investors may take cues from governments that are adding gold to protect their own reserves; Fortune noted that the People's Bank of China had bought gold for 18 consecutive months as of May 2026.

Digital platforms have also lowered the barrier to entry. Fortune reported that standard 400-ounce gold bars can cost millions of dollars, putting them beyond the reach of most retail investors, while phone-based products allow smaller purchases.

Endowus, a Singapore-based digital wealth platform, told Fortune that assets under advisory in precious metals rose from $4.2 million at the start of 2025 to $47.9 million by year-end. Hugh Chung, Endowus' chief investment officer, told Fortune that uncertainty, concerns about the dollar and easier access through digital platforms should keep Asian investors interested in gold as one part of a portfolio.

StashAway has also added gold exposure. Fortune reported that the firm began including gold in managed portfolios in 2024, with Leung saying a balanced allocation now resembles 60% equities, 30% bonds and 10% gold, rather than the traditional 60% stocks and 40% bonds split.

The buyer base is also younger than many might expect. Leung told Fortune that 67% of gold investors on StashAway's platform are between 25 and 44.

Other metals rise, but gold pulls back

The rally extended beyond gold. Fortune reported that silver rose 145% in 2025, its largest annual gain on record, while palladium climbed more than 90% and platinum rose nearly 160%.

Rotbart told Fortune that silver differs from gold because of its industrial uses, including solar panels. Leung said precious metals often move together, so gains in gold can coincide with gains in silver and palladium.

DBS chief investment officer Hou Wey Fook told Fortune that investors are also looking at base metals and rare earths as scarce physical assets. He said those markets are not traditional havens but can add diversification and help preserve purchasing power during inflation.

Gold's momentum has weakened since the U.S. launched strikes on Iran in late February, according to Fortune, which reported that the metal has fallen about 14% from its peak and now trades below $4,500 an ounce. Afdhal Rahman, OCBC Bank's executive director of wealth advisory, attributed the decline to the energy shock from the conflict and its inflationary effects.

Fortune reported that higher inflation can push central banks toward higher interest rates, making income-producing assets such as bonds more attractive than gold, which pays no yield. A stronger U.S. dollar and weaker Asian currencies, including the Indian rupee and Philippine peso, have also made dollar-priced gold costlier for some buyers.

Bank of Singapore, OCBC's private banking arm, recommends gold make up a conservative 4% of investment portfolios, according to Fortune. Chung told Fortune that gold should support a diversified portfolio rather than replace one.

This story draws on original reporting from Fortune.