Away from the record, Antam’s gold price fell by Rp. 1,000 today

akarta, Armfalcon.com– Antam’s gold price today (21/3/23) fell again but is still moving near its record high. At the LM Graha Dipta Pulo Gadung gold boutique, the price of 1-gram Antam gold was observed to have slightly decreased by IDR 1,000 to IDR 1,084,000 per bar.

This price is still relatively expensive considering it is slightly below the all-time high record. For the record, Antam’s highest gold price was again recorded two days ago (19/03/23) breaking the Rp. 1,088,000 mark. Previously, the previous record was reached on August 7 2020, which penetrated IDR 1,065,000 per gram.

Meanwhile, the repurchase price or buyback Antam’s gold also weakened and was set at IDR 973 thousand per gram, down IDR 1,000 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 decline in Antam’s gold price was in line with the sloping performance of gold. At the close of trading Monday (20/3/2023), gold closed at US$ 1,978.71 per troy ounce. The price of the precious metal fell 0.46%.

This weakening of gold occurred after the precious metal flew high last weekend until last Monday afternoon. On Monday’s trade (20/3/2023) at 14:26 WIB, the gold price penetrated US$ 2,007.69 per troy ounce or flew 1%.

This is the first time gold has penetrated the US$ 2,000 level since March 8, 2022 or a few days after the Russo-Ukrainian war erupted at the end of February 2022.

Saxo bank analyst Ole Hansen explained gold is sloping due to a number of factors. One of them is actionprofittaking and the price has gone up sharply.

For the record, the price of gold has shot up 3.4% a week. The banking crisis in the United States (US) and Europe made gold move wildly. The reason is, many investors are panicking and hunting for gold as a safe asset.

“Gold failed to end trading above SU$2,000 per troy ounce due to profit taking,” said Hansen, quoted fromReuters.

OANDA analyst Edward Moya stated that gold still has the potential to rise because the banking crisis has not ended.

Several US and European banks have struggled, although the Swiss central bank made US$54 billion in loans to Credit Suisse and several US banks decided to deposit with First Republic Bank.

Investors are still waiting for the decision of the central bank of the United States (US) The Federal Reserve (The Fed) in the Federal Open Market Committee (FOMC) meeting on Tuesday and Wednesday this week US time (21-22/3/2023).

If the Fed raises interest rates as expected then gold can fly again, but if the Fed is more aggressive then gold prices can collapse.

Tight monetary policy will boost the US dollar and US government bond yields, which are not good conditions for gold to move.

CNBC INDONESIA RESEARCH

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