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Jakarta Post

Gold price up 20 percent so far this year as investors turn to precious metal to protect wealth

  • News Desk

    The Jakarta Post

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Jakarta   /   Tue, March 31, 2020   /  11:58 am
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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)

Gold prices have increased significantly in recent weeks as people have turned to the yellow metal as a safe haven asset amid plummeting share prices. On Tuesday, the price of gold produced by Aneka Tambang reached Rp 924,000 (US$56.67) per gram, a 20 percent surge year-to-date (YTD). During the past week alone, the price of the yellow metal gained 7.55 percent. Meanwhile, the global gold price rallied by 9.9 percent in the past two weeks to US$1,643 per ounce on Monday, after it had fallen to $1,495 per ounce on March 16, according to data from monex.com. The bullion price has gained about 6 percent year-to-date. Precious metal is deemed a safe haven amid volatile financial markets. The commodity will continue to strengthen until the COVID-19 pandemic subsides, analysts say, making it an attractive alternative investment instrument. DBS chief investment officer (CIO) Hou Wey...