Indonesia Enters List of World's Largest Gold Demanders

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Viva Budy Kusnandar 09/08/2019 20:09 WIB

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Indonesia's gold demand for jewelry rose 8.6% to 41.9 tonnes in 2018.

Six Countries with the Highest Gold Demand for Jewelry (2010-2018)

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Six Countries with the Highest Gold Demand for Jewelry (2010-2018)

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Rising global uncertainty, fueled by the ongoing US-China trade war, has made gold prices increasingly attractive. Furthermore, gold has become a popular investment commodity and a safe haven asset, considered safer than inflation pressures.

According to World Gold Council data, Indonesian demand for gold jewelry increased by 8.6% to 41.9 tons in 2018. This ranks Indonesia sixth globally in gold demand, behind Russia. For context, global demand for gold jewelry grew by 0.2% to 2,241.3 tons last year compared to the previous year. China recorded the highest gold demand for jewelry, reaching 686.3 tons. Since 2012, China's gold demand has surpassed India's.

In trading on Thursday (August 8, 2019), the price of gold for the one-month future contract closed at US$1,509.5 per troy ounce, up 17.8% from its year-end position of US$1,281.3 per troy ounce. Meanwhile, the price of gold on the logammulia website on Friday (August 9, 2019) was Rp 720,000 per gram.

(Read Databoks: Wedding Season in India Drives Up Gold Prices?)

"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."