On Tuesday, the price of gold produced by Aneka Tambang reached Rp 924,000 (US$56.67) per gram, a 20 percent surge year-to-date (YTD). During the past week alone, the price of the yellow metal gained 7.55 percent.

Meanwhile, the global gold price rallied by 9.9 percent in the past two weeks to US$1,643 per ounce on Monday, after it had fallen to $1,495 per ounce on March 16, according to data from monex.com. The bullion price has gained about 6 percent year-to-date.

Precious metal is deemed a safe haven amid volatile financial markets. The commodity will continue to strengthen until the COVID-19 pandemic subsides, analysts say, making it an attractive alternative investment instrument.

DBS chief investment officer (CIO) Hou Wey Fook told reporters on Thursday through an online press conference that investors should be including gold in their portfolio to minimize investment risks during a difficult time like today when the coronavirus pandemic has crippled almost all economic activity.

In the report “DBS CIO Insights 2Q20, Build to Last”, published in March, Hou writes that “We also add gold as ‘risk diversifier’ to the portfolio,” emphasizing the importance of gold in one's portfolio.

“Gold returned 2 percent over the past three months and outperformed all asset classes and currencies, living up to its name as an effective portfolio hedge," Joanne Goh, a strategist at DBS, wrote in the report.

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