Conversion : 1 troy ounce = 31.1034768 grams
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Gold Price Indonesia
Indonesia is officially known as the Republic of Indonesia. The nation is a transcontinental country located in Southeast Asia. In addition, the country also has some territories in Oceania. Indonesia is the largest island country in the world, and it has an approximate population of 261 million. This makes the nation one of the most populous in the world. Indonesia’s government is a unitary presidential constitutional republic.
The Indonesian Rupiah is the official currency of Indonesia. The word rupiah is ultimately derived from the Sanskrit “rupya” which means wrought silver. Like many other global currencies, the rupiah can be subdivided into 100 smaller units of currency called sen. These smaller units have become obsolete, however, due to inflation.
The Indonesian Rupiah is issued and controlled by the central bank of Indonesia, known as Bank Indonesia. The central bank was established in 1953 from the nationalism of De Javasche Bank, three years after Indonesia’s independence from The Netherlands was recognised. The bank has several primary objectives, including but not limited to price stability, maintenance of the payment system, monetary management and more.
If you are looking to purchase gold in Indonesia, you will likely see prices quoted by the ounce, gram or kilo in the local currency. Prices may also be available in other key global currencies such as U.S. Dollars, Japanese Yen, Great British Pounds or euros.
Indonesia has the largest economy in the region and is considered and emerging market economy. Some of the nation’s main areas of industry include natural gas and petroleum, textiles, machinery, software, rubber, apparel, cement and hardware. Indonesia is a member of the G-20, and it is in the top 10 worldwide in terms of GDP. The country has seen significant foreign investment since the 90s.
Indonesia is home to the world’s largest gold mine and the second largest copper mine. The Grasberg Mine is located in the Papua Province near the largest mountain in Papua, known as Puncak Jaya. The mine’s primary owner is mining giant Freeport-McMoran, and the company employs nearly 20,000 workers at the mine. The company maintains its ownership stake through several of its subsidiaries. For financial year 2016, the mine reportedly produced some 1,061,000 ounces of gold.
Indonesia has a significant gold jewelry market, and demand for gold jewelry can have a significant impact on the price of gold in Indonesia. In addition, gold may also be sought out by investors. Not only does gold have the potential for significant price appreciation, but it may also potentially provide a hedge against a number of economic and geopolitical issues such as inflation, deflation, declining paper currency values and more.
The Antam refinery’s fine gold and silver products are certified by the LBMA (London Bullion Market Association). The company has the capability to refine gold to a purity of 999.9 percent fineness. The refinery also has the capability to produce 60 tons (1.9 million toz) of internationally accredited gold on an annual basis.
