Jakarta, Armfalcon.com– Antam’s gold price today (28/3/23) fell following the weakening of world gold. At the LM Graha Dipta Pulo Gadung gold boutique, the price of 1-gram Antam gold dropped dramatically by Rp. 10,000 to Rp. 1,077,000 per stick.
Meanwhile, the repurchase price or buyback Antam’s gold also weakened and was set at IDR 962 thousand per gram, a decrease of IDR 16,000 from the previous trade.
The price of Antam’s gold that is traded varies in terms of size. For more details, see today’s gold price data.
The return to the decline in Antam’s gold price cannot be denied, because world gold prices are also not enthusiastic. At the close of trading Monday (27/3/2023), gold closed at US$ 1,956.56 per troy ounce. The price of the precious metal fell 1.04%.
The weakening extended the pain of gold which also fell at the end of last week. In the last two trading days, the price of gold has fallen 1.85%.
An analyst from Blue Line Futures, Phillip Streible, explained that the sharp decline in gold was caused by a large number of investors selling.
According to him, the sharp strengthening of gold last week was more due to short covering due to market panic. When the panic subsided, investors returned to selling their gold.
“The rally in gold (last week) was more due to short-covering. Gold prices will likely continue to experience pressure,” said Streible, quoted by Reuters.
He added that investor panic subsided after the market was optimistic that the impact of the banking crisis could be overcome. The policies of the US government and the US Deposit Insurance Corporation (FDIC) also helped calm the market.
As is known, the FDIC announced that First Citizens BancShare Inc. will buy deposits and loans from Silicon Valley Bank (SVB). The announcement is two weeks after the SVB crash that started the US banking crisis.
The deal includes the purchase of approximately US$72 billion or approximately IDR 1,019 trillion of SVB assets at a US$16.5 billion discount, but approximately $90 billion in securities and other assets will remain in custody for disposition by the FDIC.
Market participants also see if the US central bank The Federal Reserve (The Fed) will continue to prioritize inflation in considering an increase in interest rates.
Governor of the Fed Governor Philip Jefferson Monday (27/3/2023) emphasized that the main target of the Fed remains to bring inflation to around 2%.
“Inflation must be brought back to around 25%, to the target range of the FOMC (Federal Open Market Committee),” said Jefferson, speaking at H. Parker Willis Lecture, Washington and Lee University, Lexington, Virginia
Last week, the Fed continued to raise its benchmark interest rate by 25 bps to 4.75-5.0% amid the US banking crisis.
The firm stance of the Fed and Jefferson’s statement made market players see that they would still raise interest rates going forward. impact, yield US government bonds with a tenor of 10 years also jumped to a level of 3.53% yesterday, its highest level in the past week.
Ascension yield of course it has a negative impact on gold because it makes gold less attractive. Gold does not offer yield so that the increase in yield makes gold abandoned by investors.
CNBC INDONESIA RESEARCH
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