Retail investors must exercise greater discernment when formulating their gold investment strategy. Despite gold prices beginning to rebound after a month of downward pressure, the spread between the selling and buyback price of physical gold bars remains notably wide.
According to Bloomberg, on Friday, May 29, 2026, spot gold prices closed at US$4,540.26 per troy ounce, marking a 1% increase from the previous day. However, over the past month, gold prices still recorded a 1.68% correction.
Economist Yusuf Rendy Manilet emphasizes the importance for investors to clarify their gold investment goals from the outset: whether they seek short-term profits or aim for a long-term store of value. Yusuf points out that gold bars are less than ideal for short-term trading due to their significantly wide buy and sell price spread.
For instance, on Sunday, May 30, 2026, the price for certified Antam gold was Rp 2,799,000 per gram, while the buyback price stood at Rp 2,609,000 per gram. This translates to a substantial spread of Rp 190,000. “An investor who bought gold at the end of April 2026 and sells it today would likely still incur a loss, even though global gold prices have actually risen,” Yusuf told Kontan on Friday, May 29, 2026.
Consequently, Yusuf advises investors to adopt a dollar cost averaging (DCA) strategy, which involves purchasing gold gradually and consistently. This strategy proves more effective during periods of fluctuating gold prices as it helps to maintain a favorable average purchase price. Furthermore, dollar cost averaging reduces an investor’s reliance on specific market momentum, making it particularly suitable for those who view gold as a long-term hedge and investment vehicle.
Yusuf illustrates this with an example: investors who acquired gold in May 2025 when prices were around Rp 1.9 million per gram are now enjoying an appreciation of approximately 35% based on the current buyback price.
On another front, Yusuf observes a growing appeal in digital gold, especially for younger investors looking to cultivate gradual investment habits. Beyond its lower spread, typically ranging from 2%–3%, digital gold also offers enhanced transaction flexibility and more accessible purchase denominations, allowing investments to start with as little as Rp 10,000.
“With just Rp 10,000, investors can already begin acquiring gold,” Yusuf states. Nevertheless, Yusuf reminds investors to always verify that the chosen digital gold platform is registered with the Commodity Futures Trading Regulatory Agency (Bappebti) and possesses a clearly defined custodian.
Yusuf believes that digital gold and physical gold should not be excessively compared or pitted against each other, as they can, in fact, be complementary. “For instance, a portion can be used for routine accumulation through digital platforms, while another portion is held in physical form for long-term security or protection against systemic risks, as it can be directly possessed by the owner,” Yusuf concludes.
Summary
Retail investors must carefully consider their gold investment goals, as physical gold bars present a notably wide spread between selling and buyback prices, making them less ideal for short-term trading. For instance, Antam gold showed a significant Rp 190,000 spread, potentially causing losses even with rising global gold prices. Therefore, experts recommend adopting a Dollar Cost Averaging (DCA) strategy for physical gold to navigate fluctuating prices and secure a favorable average purchase price over the long term, reducing reliance on specific market momentum.
In contrast, digital gold is increasingly appealing, especially for younger investors, due to its lower spread (typically 2-3%), enhanced transaction flexibility, and accessible investment denominations starting from just Rp 10,000. However, investors should always verify that digital gold platforms are registered with Bappebti and have a clear custodian. Ultimately, both digital and physical gold can be complementary; digital for routine accumulation and physical for long-term security or protection against systemic risks, being directly possessable.