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Gold Prices in Indonesian Rupiah
The Indonesian Rupiah is the official currency of Indonesia. The rupiah gates its name from the Hindustani word rupiya, which is ultimately derived from Sanskrit. Like U.S. Dollars and many other currencies, the Indonesian Rupiah can be subdivided into 100 smaller units known as sen. The Indonesian Rupiah is issued and controlled by the Bank of Indonesia.
The price of gold can be quoted in and transacted in rupiah. Although gold is often traded and quoted in U.S. Dollars, it can be exchanged in any currency. Residents of Indonesia, for example, would likely see gold quoted per ounce, gram or kilo in Indonesian Rupiah. Prices may, however, also be quoted in other currencies such as dollars or euros.
Gold Pricing in Indonesian Rupiah
Gold prices can be quoted in or transacted by the ounce, gram and kilo. Due to the rupiah’s exchange rate versus the dollar, an ounce of gold can appear to be quite a bit of money when quoted in rupiah. (As of this writing one U.S. Dollar is equivalent to over 13364 rupiah). A weaker rupiah can make gold relatively more expensive, while a stronger rupiah may make gold relatively less expensive.
The Grasberg Mine
Indonesia is home to the largest gold mine in the entire world. This mine is also one of the largest copper mines as well. It is located in Papua near the tallest mountain in the province. The mine is owned primarily by Freeport-Mcmoran, with the Indonesian Government also owning a stake.
Indonesia is a large commodity producing and exporting nation and has several exchanges. Indonesia has one of Asia’s largest populations, and the nation features a vibrant physical gold market.
Indonesia has a substantial jewelry market, and some estimates put recent gold demand for jewelry at nearly 40 tonnes.
Indonesian Refineries
Logam Mulia, located in Jakarta, is the nation’s only major gold and silver refiner. The refinery is a subsidiary of a state-owned company that is focused on exploration, extraction and refining. Logam Mulia refines gold for several Indonesian gold producers, and sells gold in both domestic as well as international markets.
An additional refinery has begun operations in 2015.
Although it may not be the largest gold market in Asia, Indonesian gold demand is significant and could potentially rise in the future. Unlike many other countries hungry for gold, Indonesia’s gold market begins at the top of the chain from mining to production to fabrication to distribution to exporting. With one of the largest populations in Asia and a growing middle class, the Indonesian gold market may potentially see significant growth in the years ahead.
Indonesia has one of the largest economies in Asia and is one of the emerging market economies of the world. Indonesia is reportedly in the top ten countries in the entire world in terms of GDP.
Considerable investment has been made in Indonesia since the 1980s. U.S. investors got involved in oil and gas, as well as mining projects. Japan, India, the U.K. and others also fueled investment in the country.
The country is rich with natural resources, including tin, copper, gold, crude oil, natural gas and more. The country is a large exporter of oil and gas, electronics, rubber and more.
As the Indonesian economy continues to grow, demand for gold may potentially rise. Not only is gold desired for its use in jewelry making, but it is also desired for its investment value. Further economic expansion in Indonesia could potentially also increase the value of the rupiah.
Indonesia has two commodity exchanges on which gold futures contracts are traded. Gold prices may be determined by these contracts, and may also be influenced by other pricing mechanisms such as the London gold price.
With the popularity of gold throughout Asia, gold may be transacted more and more in currencies outside of dollars. Asian markets may also potentially play a more significant role in the pricing of gold for world markets.
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