Antam’s Gold Price Increases Rp. 5,000 Today, So It’s Here!

akarta, Armfalcon.com– Antam’s gold price increased on Tuesday (4/4/23) in line with rising global gold prices as market players began to worry about the aftermath of OPEC+’s decision to cut production.

At the LM Graha Dipta Pulo Gadung gold boutique, Antam’s 1-gram gold price strengthened by Rp. 5,000 to Rp. 1,073,000 per stick.

Meanwhile, the repurchase price or buyback Antam’s gold increased and was set at Rp 960 thousand per gram, also up Rp 5,000 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 price of Antam’s gold that is traded varies in terms of size. For more details, see today’s gold price data.

The increase in Antam’s gold price followed the positive performance of world gold. At the close of trading Monday (3/4/2023), gold closed at US$ 1,984.11 per troy ounce. The price of the precious metal shot up 0.83%.

Gold price movements are still influenced by the decisions of Saudi Arabia, Russia and OPEC+ members to cut production

As is known, Saudi Arabia and oil producers who are members of OPEC+ announced a reduction in oil production on Sunday (3/4/2023). Surprisingly, the cut would breach 1.16 million bpd.

The group argued that it was a “precautionary” step to stabilize the market. This cut is in addition to the production cut by Russia of 500,000 barrels per day.

Initially, the OPEC+ decision was greeted negatively by gold market players. The reason is, cutting oil production will make US inflation soar that it will be difficult for the US central bank The Federal Reserve (The Fed) to soften.

However, only a day later, these worries moved to other things.

Market players saw that production cuts could bring further problems, namely the sluggish global economy and soaring global inflation.

Gold is also seen more as a hedging asset for inflation so that demand for it will increase again. Cuts in oil production also cause the US dollar to fall so that it benefits gold.

A weaker US dollar makes gold more affordable for investment so demand increases.

The dollar index closed at 102.09 yesterday which is its lowest position since February 2, 2022 or the last month.

“Global markets are very surprised by the number of major events or policies. This makes investors nervous,” said OANDA analyst Edward Moya, quotedReuters.

Moya said the major events included the collapse of US banks and the OPEC+ decision.

City Index analyst Matt Simpson explained that the US dollar fell because of the OPEC+ decision and this was very profitable for gold. However, he warned that the price of gold was still prone to falling.

“Gold is very vulnerable to falling below US$ 1,900 because there is still the possibility that the Fed will raise interest rates,” said Simpson.

CNBC INDONESIA RESEARCH

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