Global Gold Soared, Antam’s Gold Price Today Even Dropped

Jakarta, Armfalcon.com– Antam’s gold price fell on Thursday (6/4/23), contrary to the increase in global gold prices. At the LM Graha Dipta Pulo Gadung gold boutique, the price of 1-gram Antam gold fell by Rp. 5,000 to Rp. 1,078,000 per stick.

Meanwhile, Antam’s gold buyback price increased and was set at IDR 969 thousand per gram, down IDR 4,000 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.

World gold prices continued to run fast as the United States (US) labor data slumped.

At the close of trading on Wednesday (5/4/2023), the price of gold closed at US$ 2,020.35 per troy ounce, experiencing a slight increase of 0.02%.

Even though it only increased slightly, the increase was able to bring gold to an extraordinary record level and maintain its position at the psychological level of US $ 2,000 per troy ounce.

The rise in gold prices that day was also a positive impact from the sloping US employment data.

The data shows that job creation in the private sector in the US added only 145,000 in March 2023, down from 261,000 in February 2023 and well below market expectations of around 210,000.

The declining employment data is a signal of sloping inflation in the US. Previously, US inflation and the producer price index or personal expenditure index of US citizens also decreased.

The data is a signal of a weakening US economy, so there is an opportunity for the US central bank The Federal Reserve (The Fed) to loosen its monetary policy.

According to Jim Wyckoff, analyst at Kitco Metals, the slowing economic pace is clearly a risky thing for other financial markets but not for gold.

These conditions are very favorable for safe haven assets such as gold.

Currently, market expectations show that 60% of market participants expect the Fed to hold interest rates, while another 40% expect the Fed to raise its benchmark interest rate next May.

CNBC INDONESIA RESEARCH

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