JAKARTA (Yosefardi) – Gold prices record its highest level today for past one month as investors shift their funds from stocks and currency markets to gold.
Weakness in global stock markets, the rout in Chinese equities in particular, and concerns about currency debasement have provided a much-needed safe-haven boost to the precious metal, which posted declines in each of the past two years.
Today, gold spot price rose 0.6% to US$1,159.16 per ounce. Gold price reached its peak at US$1,160.8 per ounce on July 13, 2015.
State miner PT Aneka Tambang Tbk (ANTM) said its gold bullion price has increased by Rp13,000 to Rp560,000 per gram, from Rp547,000 per gram on Tuesday this week.
While the gold consumers also lifted their gold bullion prices, selling to ANTM, to Rp492,000 per gram today, from yesterday’s Rp482,000 per gram.
Meanwhile, composite index of the Indonesia Stock Exchange (IDX) dropped further 2% in the morning trade to 4,350.750. The rupiah weakened further to Rp13,935 against the US dollar.