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More Indonesians buying gold bars amid uncertainty
Golden shield: A man displays gold bars at a shop in Jakarta. Demand for gold bars in Indonesia is rising as investors seek to shield themselves in a volatile economic environment. Picture: Reuters
Friday, September 26, 2008
INDONESIAN gold consumption could jump by 20 per cent this year, driven by higher demand for gold bars as investors seek to shield themselves in a volatile economic environment, an industry official said yesterday.
Indonesians traditionally buy gold jewellery in small amounts and sell it only when they need money for essentials. But now consumers are increasingly buying products intended for investment, such as gold bars or gold coins.
Gold consumption in Southeast Asia's biggest economy may climb to 60 tonnes this year, from 50 tonnes in 2007, said Iskandar Husin, executive director of the Indonesia Gold and Diamond Jewellery Association.
"Consumers who buy gold bars are not only jewellery makers but also investors who want to protect their assets."
Consumption of gold bars could account for 20 per cent of Indonesia's total gold consumption this year, up from 15 percent from 2007.
Many Indonesians view gold as a good investment, particularly since the Asian financial crisis in July 1997.Reuters
Indonesians traditionally buy gold jewellery in small amounts and sell it only when they need money for essentials. But now consumers are increasingly buying products intended for investment, such as gold bars or gold coins.
Gold consumption in Southeast Asia's biggest economy may climb to 60 tonnes this year, from 50 tonnes in 2007, said Iskandar Husin, executive director of the Indonesia Gold and Diamond Jewellery Association.
"Consumers who buy gold bars are not only jewellery makers but also investors who want to protect their assets."
Consumption of gold bars could account for 20 per cent of Indonesia's total gold consumption this year, up from 15 percent from 2007.
Many Indonesians view gold as a good investment, particularly since the Asian financial crisis in July 1997.Reuters
source: Brunei Times
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