Tabungan Emas Sebagai Instrumen Lindung Nilai di Era Ketidakpastian Global: Perspektif Maqashid Syariah

Linggha Sennakyz; Mugiyati

Authors

Linggha Sennakyz Universitas Islam Negeri Sunan Ampel Surabaya
Mugiyati Universitas Islam Negeri Sunan Ampel Surabaya

Keywords:

Tabung emas, Lindung Nilai, Maqashid Syariah, Hifdzul Al-Maal, Geopolitik Global

Abstract

Penelitian ini mengkaji relevansi tabungan emas sebagai instrumen lindung nilai (hedging) bagi masyarakat di tengah ketidakpastian ekonomi dan gejolak geopolitik global periode 2024–2026. Kajian ini berpijak pada teori safe haven asset dan kerangka maqashid syariah, khususnya prinsip hifz al-maal sebagai landasan normatif pengelolaan kekayaan dalam Islam. Penelitian menggunakan pendekatan kualitatif deskriptif dengan analisis data sekunder dari World Gold Council, Goldman Sachs, UBS, ICDX, BPS, dan Bank Indonesia. Temuan menunjukkan harga emas global naik 26% sepanjang 2024 dan melonjak 64% pada 2025 dengan 53 kali rekor tertinggi sepanjang masa, lalu menembus USD 5.000 per ons pada 26 Januari 2026 dan bertengger di kisaran USD 4.500–5.500 hingga Mei 2026. Pendorong utamanya adalah kebijakan tarif agresif pemerintahan Trump, eskalasi konflik AS-Israel-Iran yang mengancam Selat Hormuz, perang Rusia-Ukraina yang belum reda, tren de-dolarisasi bank sentral BRICS+, serta pemangkasan suku bunga The Fed sebanyak 75 basis poin pada 2025. Pembelian emas oleh bank sentral mencapai 1.045 ton (2024) dan 863 ton (2025), dua kali lipat rata-rata dekade sebelumnya. Dalam kerangka hifz al-mal, tabungan emas memenuhi tiga fungsi sekaligus: muhafazah al-qiymah (proteksi daya beli), tawzi al-makhathir (diversifikasi risiko), dan suhulah al-tasarruf (likuiditas tinggi). Studi ini berargumen tabungan emas bukan sekadar pilihan investasi, melainkan respons rasional sekaligus kewajiban moral seorang Muslim dalam menjaga amanah harta dari inflasi dan ketidakstabilan moneter struktural.

References

R.-P. Stöferle, “Reasons for the New Gold Rush,” Economists Voice, 2026, doi: 10.1515/ev-2026-0012.

M. Burghauserová, Y. Apanovych, and J. Vitvarová, “Factors Influencing the Divergence of Precious Metals Prices: The Case of Gold in 2024,” Acta Montanistica Slovaca, vol. 30, no. 2, pp. 357–372, 2025, doi: 10.46544/AMS.v30i2.07.

N. T. T. Binh, “Comparative Analysis of Gold, Art, and Wheat as Inflation Hedges,” Journal of Risk and Financial Management, vol. 17, no. 7, 2024, doi: 10.3390/jrfm17070270.

Z. Mansyur, “Implementasi Teori Maqashid Syari`Ah Asy-Syatibi Dalam Muamalah Kontemporer,” Jurisdictie Jurnal Hukum Dan Syariah, vol. 11, no. 1, pp. 67–92, 2020, doi: 10.18860/j.v11i1.7675.

A. A. Ahmad and M. A. A. Halim, “The concept of hedging in islamic financial transactions,” Asian Soc. Sci., vol. 10, no. 8, pp. 42–49, 2014, doi: 10.5539/ass.v10n8p42.

N. F. M. Razif, S. Mohamad, and N. N. A. Rahman, “Permissibility of hedging in Islamic finance,” Middle East J. Sci. Res., vol. 12, no. 2, pp. 155–159, 2012, doi: 10.5829/idosi.mejsr.2012.12.2.1679.

M. Iqbal, P. Pamuji, A. P. Sari, F. Fernandho, and P. A. Aidonojie, “Maqashid Sharia Approaches in Pension Fund Programs: Bank Muamalat Indonesia and Taspen Comparison,” Asy Syari Ah, vol. 27, no. 2, pp. 211–236, 2025, doi: 10.15575/as.v27i2.45295.

I. Novida, Junarti, Hidayatulloh, N. Hidayah, and U. Maman, “Rethinking Profit and Loss Sharing: Regulatory Paradoxes in Mudharabah Savings and the Operationalization of Maqasid al-Shariah,” Al Istinbath Jurnal Hukum Islam, vol. 11, no. 1, pp. 193–219, 2026, doi: 10.29240/jhi.v11i1.13028.

M. Herawati, “Analyzing the Islamic Securities Crowdfunding System through the Lens of Maqashid Sharia,” Jurnal Ilmiah Mizani, vol. 11, no. 2, pp. 464–475, 2024, doi: 10.29300/mzn.v11i2.4785.

K. Nguankan and P. Kanjanasamranwong, “Affecting Factors to the Gold Prices in the World Market | ปัจจัยที่มีผลต่อราคาทองคาในตลาดโลก,” Burapha Science Journal, vol. 30, no. 2, pp. 614–631, 2025.

R.-P. Stöferle, “Reasons for the New Gold Rush,” Economists Voice, 2026, doi: 10.1515/ev-2026-0012.

Soeharjoto, D. A. Tribudhi, D. Hariyanti, and E. Tajib, “Macro economics effect to gold price change in indonesia,” International Journal of Advanced Science and Technology, vol. 29, no. 5, pp. 437–446, 2019.

J. Denie, Surachman, N. K. Indrawati, and M. Rahayu, “Nexus Between Oil, Gold Price And Dxy Index On Indonesian Stock Market During Geopolitical Events (2022 - 2024),” Revista De Gestao Social E Ambiental, vol. 18, no. 6, 2024, doi: 10.24857/rgsa.v18n6-142.

Soeharjoto, D. A. Tribudhi, D. Hariyanti, and E. Tajib, “Macro economics effect to gold price change in indonesia,” International Journal of Advanced Science and Technology, vol. 29, no. 5, pp. 437–446, 2019.

“Futures emas lebih rendah pada masa dagang Asia Oleh Investing.com.” Accessed: Jun. 10, 2026. [Online]. Available: https://id.investing.com/news/commodities-news/futures-emas-lebih-rendah-pada-masa-dagang-asia-2988382

“Kondisi Geopolitik Global dan Dampaknya terhadap Kekayaan - BCA Prioritas.” Accessed: Jun. 10, 2026. [Online]. Available: https://prioritas.bca.co.id/en/Berita/Ekonomi-Bisnis/2025/06/24/06/22/kondisi-geopolitik-global-dan-dampaknya-terhadap-kekayaan

“Trump tunda kenaikan tarif untuk Indonesia dan puluhan negara lain, kecuali China dan negara-negara ‘penentang terburuk’ - BBC News Indonesia.” Accessed: Jun. 10, 2026. [Online]. Available: https://www.bbc.com/indonesia/articles/cp8vv5g9j46o

“Memanasnya Konflik Iran-Israel Dorong Pelaku Pasar Berinvestasi ke Aset Safe Haven.” Accessed: Jun. 10, 2026. [Online]. Available: https://nasional.kontan.co.id/news/memanasnya-konflik-iran-israel-dorong-pelaku-pasar-berinvestasi-ke-aset-safe-haven

“Geopolitik Indonesia 2026: Memetik Pelajaran Instabilitas.” Accessed: Jun. 10, 2026. [Online]. Available: https://www.kompas.id/artikel/geopolitik-indonesia-2026-memetik-pelajaran-instabilitas

A. Paltrinieri, S. Perdichizzi, and S. Piserà, “Safe havens or war hedges? Asset behavior during the 2026 escalation of the Iran conflict,” Econ. Lett., vol. 265, 2026, doi: 10.1016/j.econlet.2026.113010.

L. Renfiana, M. Ridwan, A. A. Kadhim, S. Asouli, N. Snober, and M. Ardiansyah, “A Contemporary Framework for Integrating Maqāṣid al-Sharīʿah and ESG in Designing Sharia Capital Market Indices,” Milrev Metro Islamic Law Review, vol. 5, no. 1, pp. 635–685, 2026, doi: 10.32332/milrev.v5i1.13091.

Z. Mansyur, “Implementasi Teori Maqashid Syari`Ah Asy-Syatibi Dalam Muamalah Kontemporer,” Jurisdictie Jurnal Hukum Dan Syariah, vol. 11, no. 1, pp. 67–92, 2020, doi: 10.18860/j.v11i1.7675.

Y. Xu, C.-W. Su, and J. Ortiz, “Is gold a useful hedge against inflation across multiple time horizons?,” Empir. Econ., vol. 60, no. 3, pp. 1175–1189, 2021, doi: 10.1007/s00181-019-01807-0.

I. Novida, Junarti, Hidayatulloh, N. Hidayah, and U. Maman, “Rethinking Profit and Loss Sharing: Regulatory Paradoxes in Mudharabah Savings and the Operationalization of Maqasid al-Shariah,” Al Istinbath Jurnal Hukum Islam, vol. 11, no. 1, pp. 193–219, 2026, doi: 10.29240/jhi.v11i1.13028.

J. C. Reboredo, “Is gold a safe haven or a hedge for the US dollar? Implications for risk management,” J. Bank. Financ., vol. 37, no. 8, pp. 2665–2676, 2013, doi: 10.1016/j.jbankfin.2013.03.020.

M. A. Madani and Z. Ftiti, “Is gold a hedge or safe haven against oil and currency market movements? A revisit using multifractal approach,” Ann. Oper. Res., vol. 313, no. 1, pp. 367–400, 2022, doi: 10.1007/s10479-021-04288-6.

V. Nienhaus, “Islamic finance ethics and Shari’ah law in the aftermath of the crisis: Concept and practice of Shari’ah compliant finance,” Ethical Perspect., vol. 18, no. 4, pp. 591–623, 2011, doi: 10.2143/EP.18.4.2141849.

M. Herawati, “Analyzing the Islamic Securities Crowdfunding System through the Lens of Maqashid Sharia,” Jurnal Ilmiah Mizani, vol. 11, no. 2, pp. 464–475, 2024, doi: 10.29300/mzn.v11i2.4785.

“Prakiraan harga emas untuk tahun 2026, 2030, dan 2040 | GoldRepublic.” Accessed: Jun. 10, 2026. [Online]. Available: https://www.goldrepublic.com/en-us/gold-price/forecast

M. Iqbal, P. Pamuji, A. P. Sari, F. Fernandho, and P. A. Aidonojie, “Maqashid Sharia Approaches in Pension Fund Programs: Bank Muamalat Indonesia and Taspen Comparison,” Asy Syari Ah, vol. 27, no. 2, pp. 211–236, 2025, doi: 10.15575/as.v27i2.45295.

M. H. Ibrahim and A. H. Baharom, “The role of gold in financial investment: A Malaysian Perspective,” Econ. Comput. Econ. Cybern. Stud. Res., vol. 4, 2011.

R.-P. Stöferle, “Reasons for the New Gold Rush,” Economists Voice, 2026, doi: 10.1515/ev-2026-0012.

R. Robiyanto, D. Hadiyatno, S. Sudjinan, and R. Ernayani, “Gold and capital market in Indonesia: A preview on strategy of hedging and diversification,” Journal of International Studies, vol. 12, no. 2, pp. 117–128, 2019, doi: 10.14254/2071-8330.2019/12-2/7.