Customs Hits Gold Scandal, Prices at Antam are Expensive!

Jakarta, Armfalcon.com – The Directorate General of Customs and Excise (DJBC) is in an uproar over the alleged customs crime of gold bullion worth US$ 189 trillion.

Special Staff of the Minister of Finance (Minister of Finance) Yustinus Prastowo specifically made threads or a thread via his Twitter account @prastow regarding the case of the alleged customs crime of importing gold bars at DJBC.

The gold scandal at customs was revealed when the price of gold bars produced by PT Aneka Tambang (Antam) Tbk. or what is known as Antam’s gold is expensive. Previously, on March 24, 1 gram of Antam gold touched an all-time high of IDR 1,096,000/bar. After that, Antam’s gold experienced a correction, before slightly increasing this week.

According to data from PT Antam’s official website, metalmulia.comon Saturday (8/4/2023) 1 gram of Antam gold sold for IDR 1,074,000/bar, up 0.2% compared to last Saturday’s price.

Next week, world gold prices are predicted to rise again. This can be seen from the weekly survey conducted by Kitco.

An increase in world gold prices can certainly push up Antam’s gold.

A survey conducted of 22 Wall Street analysts showed that 10 people gave bullish (uptrend) projections, then 5 people each gave bearish (decreasing trend) and neutral projections.

The same survey of market participants or what is called Main Street with 647 participants shows that 66% predict bullish, 19% bearish and the rest are neutral.

Going forward, the world gold price is predicted to again break the all-time high record by Bank of America. In the second quarter of 2023, gold is predicted to reach US$ 2,100/troy ounce. If this is realized, then Antam’s gold will certainly climb as well and set records again.

However, there is a risk that gold will decline in the short term, because the market is now seeing again the US central bank (The Fed) will raise interest rates again in May. This is because the US labor market is still strong and inflation is difficult to reduce.

The US Department of Labor last Friday reported that throughout March, Uncle Sam’s economy was reported to be able to absorb 236,000 workers outside the agricultural sector (non-farm payrolls), in line with analyst expectations.

Then, the unemployment rate fell to 3.5% from 3.6% previously. Average hourly wages rose 4.2% year-on-year, but were the lowest since June 2021.

With the possibility that the Fed will raise interest rates again, and will not cut it this year, there is a risk that gold will be hit by profit-taking next week which risks sending its price down again.

[Gambas:Video CNBC]