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Jakarta Post

Gold price surge benefits RI miners

  • Adrian Wail Akhlas


Jakarta   /   Thu, July 30 2020   /  01:00 am
Merchants stand wearing face masks, due to the COVID-19 coronavirus pandemic, at a jeweller's shop at the Dubai Gold Souk in the Gulf emirate on May 12, 2020, as markets re-open amidst an easing of pandemic restrictions. (AFP/Karim SAHIB )

The recent surge in gold prices could be a boon for Indonesia, despite the economic risks that loom behind the spike in demand for the safe haven commodity. The price of bullion touched its highest level ever on Tuesday, with investors rushing to park their money in safe-haven assets, as concerns grow about a second wave of the coronavirus pandemic and its impact on the global economy. Gold futures have soared nearly 30 percent this year to US$1,941 per ounce, beating the previous record of $1,921 in 2011, with the bullish rally kicking off earlier this month, Reuters data show. Several analysts project the price of bullion to top $2,100 this year because of the continued uncertainty around the pandemic. Gold is a popular safe-haven asset for investors who want to hedge their funds against falling currencies and instability in financial markets, said Bank Central Asia (BCA) econ...