Jakarta, Armfalcon.com– Antam’s gold price on Friday (31/3/23) rose in line with the increase in world gold prices. At the LM Graha Dipta Pulo Gadung gold boutique, Antam’s 1-gram gold price strengthened by Rp. 6,000 to Rp. 1,078,000 per stick.
Meanwhile, Antam’s gold buyback price also strengthened and was set at IDR 965 thousand per gram, an increase of IDR 8,000 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 rising movement of Antam’s gold is directly proportional to the performance of world gold which closed on high yesterday.
At the close of trading on Thursday (30/3/2023), gold closed at US$ 1,980.25 per troy ounce. The price of the precious metal jumped 0.83%.
This price is the highest since March 23 or last week. Yesterday’s strengthening was also inversely proportional to the close of the previous trade where gold fell 0.48%.
The strengthening of world gold was supported by the collapse of the United States (US) dollar and actionshort covering.
The US dollar weakened as markets expect the US central bank The Federal Reserve (The Fed) to start dovish.
Moreover, the latest US employment data shows the labor market is starting to cool off. US jobless claims in the week ending March 25 2023 totaled 198,000. This number increased by 7,000 compared to the previous week.
Jobless claims were also higher than expectations at 195,000.
The dollar index closed at 102.14 yesterday, far below the previous day’s position of 102.64. A weaker dollar will benefit gold because gold prices are becoming more affordable for investment.
“This increase is sustainedrally short covering. The cause is expectations that the Fed will soften,” said TD Securities analyst Bart Melek, quoted fromReuters.
The CMEFedWatch survey shows the market is now betting 50-50% on the Fed keeping interest rates on hold at its May meeting.
Market participants themselves are waiting for data on The Core Personal Consumption Expenditure (PCE) Price Index, or the personal consumption of US citizens, which will be released later Friday night.
The market expects the index to rise 0.2% (month to month/mtm) in February 2023 after jumping 0.6% in January.
“The below-expected PCE data will reassure the market that Fed tightening may just take a little more time (before easing),” Melek said.
Boston Fed President Susan Collins has previously hinted that the Fed may only raise interest rates one more time.
On the other hand, another official, namely Thomas Barkin, sees that inflation is still too high so that the hike could take longer.
With that fact, Commerzbank said gold is still prone to weakening.
“We estimate gold will fall into the range of US$ 1,900-1.80 per troy ounce in the next few months,” Commerzbank wrote, quoted fromReuters.
CNBC INDONESIA RESEARCH
Antam’s Gold Price Today Has Dropped Rp. 1,000, Still More Than a Million