April 15, 2026 | 04:52 pm
TEMPO.CO, Jakarta - The Chief Executive Officer of PT Bursa Berjangka Jakarta (JFX), Yazid Kanca Surya, revealed why gold prices do not always rise amid global conflicts, although the commodity is often considered a safe haven.
Yazid explained that the movement of gold prices is greatly influenced by the dynamics of the energy sector in situations of geopolitical uncertainty. The need for liquidity to meet energy supplies often forces countries to sell their gold reserves.
"For countries with high gold supplies, they must have high liquidity. A lot of gold is sold in the market. Why? To buy energy," said Yazid in Jakarta on Wednesday, April 15, 2026, as quoted from Antara.
He pointed out that this subsequently leads to a movement in gold prices that contradicts conventional economic theory. Gold prices can actually weaken in the midst of escalating conflicts due to liquidity pressures. "Gold should rise, right, as it is a safe-haven commodity. But it doesn't (rise), it drops. Why? Because energy is affected," he said.
Furthermore, Yazid highlighted the current shift in global commodity market behavior. Previously, market players focused on the cheapest price efficiency, but now the focus has shifted to supply certainty.
Therefore, as a futures exchange, JFX strengthens its trading ecosystem by promoting the development of more flexible and easily accessible contracts and expanding retail investor participation. JFX also enhances connectivity with global markets and enriches its product range to support hedging needs.
From an innovation standpoint, JFX is also preparing micro and nano-sized contracts for several commodities such as gold, silver, copper, and energy. These products are designed to broaden market inclusion, especially for investors with limited capital.
Yazid explained that JFX is also developing digital gold trading that combines transaction convenience based on technology with the certainty of physical gold underlying. This scheme is expected to balance accessibility and security aspects for investors.
In line with this, Yazid stated that JFX continues to promote a transparent, monitored trading ecosystem and provide better protection for all market participants. In terms of performance, several JFX flagship products have made a significant contribution to trading activities.
In the physical commodities sector, JFX controls more than 95 percent of Indonesia's tin export market share, with transaction values reaching around US$1.7 billion in 2025. Meanwhile, in derivative trading, the olein contract (OLE01) contributed 38.7 percent to the total volume of JFX's Exchange Traded Derivatives (ETD) transactions, equivalent to 615,028 lots. The Loco Gold contract also dominates over-the-counter (OTC) transactions, accounting for 85.2 percent of the total volume.
In addition to commodities, JFX also offers globally-based securities products through the PALN scheme, covering stock trading and United States exchange-traded funds (ETFs). These products are part of JFX's instrument diversification, with transaction trends showing continuous growth in recent years.
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