Blessings of Fasting, Antam’s Gold Price Increases Rp. 13,000 Today

Jakarta, Armfalcon.com – The price of gold produced by PT Aneka Tambang (Antam) Tbk. or what is known as Antam’s gold was observed to be surging today, Thursday (23/3/2023) or on the first day of Ramadan 1444 H.

Launching data from the official website of PT Antam, metalmulia.com, 1 gram of gold today costs IDR 1,087,000 / bar. The price increased by IDR 13,000 compared to the previous day which was recorded at IDR 1,074,000.

Today’s price is only IDR 1,000 from the all-time high.

For the record, Antam’s highest gold price was again recorded last Sunday which broke the Rp. 1,088,000 per gram 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 rose Rp. 13,000 at a price of Rp. 976 thousand per gram.

The price of Antam’s gold that is traded varies in terms of size. For more details, see today’s gold price data.

Source: metalmulia.com

The stability of Antam’s gold price is inversely proportional to the rebound in the world reference gold price in yesterday’s trading, and even continued this morning, even though the United States (US) central bank again raised its benchmark interest rate by 25 basis points (bp).

At the close of trading last Wednesday, gold closed at US$ 1,969.58 per troy ounce. The price of the precious metal jumped 1.52%.

This condition is inversely proportional to last Tuesday’s closing where gold fell 1.94%.

Meanwhile this morning, the price of gold was still strengthening, rising 0.1% to US$ 1,971.56 per troy ounce.

Gold prices continued to strengthen as the US Federal Reserve’s (Federal Reserve/The Fed) interest rate hike met market expectations.

Even though some were disappointed because the Fed had not softened, most markets also welcomed the Fed’s statement, because they had considered holding interest rates even though in the end they continued to raise interest rates.

Gold spikes after a benchmark interest rate hike is not uncommon. In the past year, gold has usually collapsed as soon as the Fed plans to raise interest rates or raise the benchmark interest rate.

Standard Chartered analyst, Suku Cooper, explained that the Fed’s decision was still positively welcomed by gold market players. The reason is, any decision can support the movement of gold.

“The Fed still has to consider the balance between risk and economic stability. Both will continue to support demand for gold as a safe asset,” said Cooper, to Reuters.

As is known, gold is like finding a “windfall” last week. After in early March 2023, there were concerns about attitude hawkish The Fed, gold actually flew because of the unexpected crisis.

In the past week, Uncle Sam’s country has been rocked by a crisis that hit three of their banks. Silicon Valley Bank (SVB), Signature Bank and Silvergate Bank collapsed due to massive withdrawals from their customers.

The bank collapse also raises concerns that the current high interest rates have had a major impact on banking and more broadly it could have an impact on the US economy.

Gold quickly becomes a target because of its status as a safe asset. The precious metal is sought when the world is shaken by economic or geopolitical uncertainties.

On the other hand, US inflation also slumped to 6% (year-on-year/yoy) in February 2023, from 6.4% (yoy) in January 2023. With inflation sluggish, the Fed is likely to reduce its aggressiveness in hoisting interest rates.

These two factors make gold fly. In the last month, the price of gold has flown 7.7%. The precious metal even penetrated US$ 2,000 in trading last Monday.

CNBC INDONESIA RESEARCH

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