How surging gold prices led to the biggest jump on this year’s Southeast Asia 500
As geopolitical unease intensified last year, central banks and retail investors worldwide piled into gold. In 2025, global demand for the precious metal surged 84% to 2,175 tons, according to the World Gold Council. Gold prices hit a record high in January, at $5,589.38 per ounce. Yet nowhere is gold’s gravitational pull more pronounced than in Asia, where it has long served as the preferred way to transfer generational wealth. Indonesian gold retailer Hartadinata Abadi jumped 115 places on the Fortune Southeast Asia 500, rising to No. 129 after a 135% surge in revenue; it’s the biggest climber on this year’s ranking. ”Gold has traditionally been part of the investment culture across Indonesia and Southeast Asia, often passed down through generations as a store of wealth,” says Thendra Crisnanda, Hartadinata’s director of investor relations. ”But following the COVID-19 pandemic, we have observed a meaningful shift in demand from gold jewellery toward gold investments, especially in gold bars and bullion-related products.” Bullion made up 98% of Hartadinata’s $27.2 million revenue in the first quarter of 2026. Jewelry, historically the company’s core business, contributed a meager 2%. This shift to bullion mirrors a well-established pattern of investors flocking to gold as a safe haven asset amid economic uncertainty. “When COVID-19 hit, young investors saw how businesses were shut down, and the stock and property markets took a hit,” says Joshua Rotbart, founder and managing partner of bullion firm J. Rotbart & Co, which operates across five locations in Asia and the Middle East. “They’ve now experienced a crisis, and know how it feels to see their equities portfolio drop by 30%.” Gold funds have also exploded in popularity. Endowus, a Singapore-based digital wealth management platform, reported a tenfold jump in assets under advisory in precious metals over 2025, from $4.2 million in the beginning of the year to $47.9 million by its end. “We expect con