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Asian consumers saving for a rainy day double down on gold as prices soar

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jdgold - Endang Kusumaningsih, 43, tries on rings for herself, including two she will give as birthday gifts to her daughter next month, in the gold market district in Denpasar, Bali this week. Indonesian consumers are buying gold as the economy recovers to replace jewelry and bars sold during the pandemic.

 Credit: Amilia Rosa

Ms Endang Kusumaning picking out gold rings at the Melati Gold Shop in Bali. She is shelling out $270 for three modest rings.

PHOTO: AMILIA ROSA

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Ms Endang Kusumaning looks focused as she is picking out gold rings at the Melati Gold Shop.

The 43-year-old’s handicraft business – teak artwork – was hurt after she lost most of her overseas clients during the Covid-19 pandemic.

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