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Gold rush grips Jakarta amid soaring prices
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An employee shows two bars of gold produced by State-owned diversified mining company PT Aneka Tambang (Antam). (Kompas.com/Garry Andrew Lotulung)
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record-breaking surge in gold prices has sparked a citywide rush, with Jakartans flocking to shopping centers to buy the precious metal as a safe haven during a time of global economic uncertainty.
Bibin, a 31-year-old who runs a gold and jewelry shop in South Jakarta’s Blok M Plaza, said he has been overwhelmed by demand from customers wanting to buy anywhere from 5 to 50 grams of gold.
“When [gold price] reached its peak, around 700 to 800 grams of gold that I had just purchased was sold out in a matter of hours,” Bibin told The Jakarta Post on Wednesday.
He was referring to the historic high reached on April 22, when gold from state-owned mining firm PT Aneka Tambang (Antam) hit Rp 2,039,000 (US$124.17) per gram.
Although the price has since decreased to Rp 1,912,000 million as of Friday, it remains significantly higher than around Rp 1.5 million per gram just three months ago and Rp 1.3 million per gram a year earlier.
Read also: Gold hits record, dollar drops as tariff fears dampen sentiment
Just down the road, Ahmad Zaki, who operates another gold and jewelry shop in Blok M Square, has seen a similar boom. His customer base has tripled in recent weeks.
