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Indonesia’s gold trade hits new record in 2011

Indonesia’s gold trade hits new record last year as gold futures contracts, accounted for 29,126 lots in 2011, up 437 percent from 5,418 lots in 2010.

On the back of heigthened gold trade, JFX reported a total trade volume of 7.59 million lots in 2011, up 40 percent from 5.42 million in 2010. Bilateral transactions comprised 7.51 million lots while multilateral transactions accounted for 78,506 lots.

In bilateral trading, Loco London gold led the increase in trade volume, up 759 percent to 3.35 million lots in 2011 from 389,810 lots in 2010.

“The increase in gold prices starting in the first quarter up to the third quarter of 2011 seemed to trigger gold contract transactions at JFX,” JFX President Director Made Sukarwo said on Tuesday.

However, Sukarwo expressed disappointment over the low number of multilateral transactions, despite a 392 percent increase in 2011 compared to 2010, which recorded 15,949 lots.

Other gold products traded as multilateral contracts were rolling gold in dollar, whose trade volume reached 13,660 lots in 2011, and the rolling gold index, with 20,859 lots. – BullionStreet.com

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Posted by on Jan 11 2012. Filed under Gold price. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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