Gold Prices Rise, Will Gold Mining Stocks Follow Suit?

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Adi Ahdiat 20/08/2024 17:13 WIB

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Global gold prices have significantly strengthened since the beginning of this year. However, this generally has not resulted in increased share prices for Indonesian gold mining companies.

Percentage Change in Stock Prices of Indonesian Gold Mining Companies (January 2, 2024 - August 20, 2024)

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Gold Prices Rise, Will Gold Mining Stocks Follow Suit?

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Percentage Change in Stock Prices of Indonesian Gold Mining Companies (January 2, 2024 - August 20, 2024)

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Gold prices have significantly strengthened since the beginning of this year. According to World Bank data, up to July 2024, the average fine gold price reached US$2,398 per troy ounce, a 17.9% increase compared to January 2024 (year-to-date/ytd).

The average global gold price in July 2024 even reached a new all-time high in World Bank records.

However, this generally has not resulted in increased share prices for Indonesian gold mining companies.

Of the 6 mining/manufacturing/trading gold companies monitored by Databoks, only 2 saw their share prices strengthen, while the majority weakened.

The gold company with the steepest decline in share price since the beginning of the year is PT Archi Indonesia Tbk (ARCI).

According to Yahoo Finance data, on August 20, 2024, ARCI's share price closed at Rp306, down 26.79% compared to January 2, 2024 (year-to-date/ytd).

Similar situations occurred with PT Aneka Tambang Tbk (ANTM), PT Merdeka Copper Gold Tbk (MDKA), and PT Bumi Resources Minerals Tbk (BRMS), whose share prices fell between 9-15% (ytd).

Meanwhile, only PT Hartadinata Abadi Tbk (HRTA) and PT J Resources Asia Pasifik Tbk (PSAB) saw their share prices increase since the beginning of the year, with the percentage increases as shown in the graph.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."