Indonesian gold miners eye shinier 2025 as prices shatter new records

Analyst projects $3,700 per ounce by year-end, but output unlikely to keep pace

Gold jewelry on display in a shop in Lhokseumawe in Indonesia's Aceh province. Gold miners in the country, Southeast Asia's largest producer of the bullion, are expected to post higher profits this year following similar earnings boosts in 2024. © AP

NANA SHIBATA and REZHA HADYAN

April 23, 2025 16:27 JST

JAKARTA -- Indonesian gold miners enjoyed profit surges last year and are eyeing further earnings boosts in 2025 as global economic uncertainties are driving investors toward safe-haven assets, repeatedly shattering the record price of the precious metal.

Gold prices reached 40 new records last year, averaging at $2,386 per ounce, 23% higher than 2023, according to the World Gold Council. This year so far, prices have continued to hit new highs. Spot and futures prices touched $3,500 per troy ounce on Tuesday, a new all-time high, as U.S. President Donald Trump's attacks on Federal Reserve Chair Jerome Powell rattled traders.