The gold price in the world market fell, but many investors in the country still chose to place their assets in gold as a safe haven.Jakarta (ANTARA News) - The price of gold set by the precious metal processing and purification unit (UBPP) of PT Aneka Tambang Tbk rose 0.85 percent to Rp590,200 per gram on Monday compared to Rp585,200 last week.
The prices of 5 gram and 10 grams gold bars were respectively recorded at Rp2.801 million and Rp5.602 million.
The buying price for gold by the state mining company from consumers is Rp521,000 per gram.
Meanwhile, in the world market, the price of gold was recorded at US$1,772 per ounce today , down 0.49 percent from yesterday.
Abidin, an investment observer from Milenium Danatama Sekuritas in Jakarta, said the gold price in the world market fell, but many investors in the country still chose to place their assets in gold as a safe haven.
"Gold is still seen as a safe haven against risk of strong negative sentiment. Currently domestic investors also tend to have greater confidence in domestic oriented investment instruments such as consumer sector," Abidin said.
He said the gold price fall in the world market will not last long . There is still ample room for gold price to rebound amid the volatile global sentiments.
"Compared with other investment instruments, gold is still seen as a safer haven both by households and central banks," he said.
He said a series of monetary relaxation measures by central banks will also strengthen gold, adding technically, there is possibility for gold price to go up in long term.
The position of wait and see taken by investors on US data release will turn investors to precious metals, he added. (*)
Editor: Heru Purwanto
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