Indonesia Gold Stocks Rally as Safe-Haven Demand Surges
Jakarta. Gold mining stocks surged in early trading on Monday as escalating tensions in the Middle East pushed investors toward safe-haven assets and lifted global bullion prices, even as the broader market declined.
As of the close of the first trading session, the Jakarta Composite Index (JCI) fell 131.76 points, or 1.6%, to 8,103.
Shares of Bumi Resources Minerals (BRMS) jumped 4.12% to Rp 1,010 per share. Aneka Tambang (ANTM) also climbed 4.83% to Rp 4,560.
Archi Indonesia (ARCI) advanced 3.72% to Rp 1,950, while Merdeka Gold Resources (EMAS) rose 3.6% to Rp 8,625. Merdeka Copper Gold (MDKA) gained 2.67% to Rp 3,850, and J Resources Asia Pasifik (PSAB) added 2.73% to Rp 565.
The rally followed a surge in global gold prices as investors sought safety amid intensifying geopolitical tensions involving Iran, the United States and Israel.
Spot gold rose 1.36% to $5,350.2 per troy ounce on Monday morning after briefly touching its highest level in more than four weeks. Earlier in the session, the precious metal had climbed as much as 2%.
Meanwhile, US gold futures jumped 2.19% to $5,362.6 per troy ounce, reflecting stronger demand for defensive assets as geopolitical risks mounted.
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