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Gold sales soar as rupiah depreciates
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A PT Aneka Tambang (Antam) employee displays two gold bars produced by the state-owned mining company . (kompas.com/Garry Andrew Lotulung)
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tate-owned mining company PT Aneka Tambang (Antam) has said its gold sales jumped significantly in the first half of 2018 as a result of the weakening rupiah.
Antam president director Arie Prabowo Ariotedjo said in Jakarta on Wednesday that in the first half of 2018, the company sold 13,760 kilograms of gold, a 317 percent increase from sales in the corresponding period last year.
“An impact of the dollar strengthening is that people are buying gold. Domestic demand has increased,” Arie said as reported by kompas.com, adding, however, that gold imports had not increased significantly.
He said selling gold domestically was more profitable for Antam because it was sold in small bars .
“If we export, the gold is sold in 1-kilogram bars. Selling small bars of gold is more profitable,” he said, claiming that the increase in gold sales was also a result of the strategy used by the company.
Gold accounts for 69 percent of Antam’s net sales. (bbn)
