Hooray Party Again! Antam’s Gold Price Increases Rp 10,000 Today

akarta, Armfalcon.com– Antam’s gold price skyrocketed on Wednesday (5/4/23) in line with rising global gold prices after US (US) unemployment data worsened.

At the LM Graha Dipta Pulo Gadung gold boutique, Antam’s 1-gram gold price strengthened by Rp. 10,000 to Rp. 1,083,000 per stick.

Meanwhile, Antam’s gold buyback price increased and was set at IDR 973 thousand per gram, an increase of IDR 13,000 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 increase in Antam’s gold price followed the brilliant performance of world gold. At the close of trading on Tuesday (4/4/2023), gold closed at US$ 2,019.97 per troy ounce. The price of the precious metal shot up 1.81%.

This price is the highest since March 8, 2022 where gold penetrated US $ 2,052.

The price spike simultaneously brought gold to a level of US$ 2,000 for the first time since March 8, 2022 or the last 12 months.

“Gold is currently being supported by many positive factors, including the sluggish economy,” said David Megger, an analyst at High Ridge Futures, quoted by Reuters.

One of the supports for gold is the deteriorating US employment data. The job opening report (JOLTS) in February 2023 showed only 9.93 million new jobs were opened.

This number fell by 632,000 compared to January 2023.

This is the first time the number of new jobs has only been recorded at 10 million since May 2021 or the last 21 months. The number of new jobs was also far below market expectations at 10.4 million.

The drop in new jobs in the US is of course good news for gold.

With decreased employment, it means that the signal for inflation is getting stronger. Previously, US inflation, the producer price index, and the personal expenditure index of US citizens also slumped.

These data are a signal that there is a weakening US economy. That is, there is an opportunity for the US central bank The Federal Reserve (The Fed) to soften.

Market expectations now show that 43% of market participants expect the Fed to raise its benchmark interest rate next May. As much as 57% or the majority see the Fed will hold interest rates,

“From a technical standpoint, the price of gold should remain strong and stable at the current high price. Gold could penetrate US$ 2,050 and if gold penetrates that then the price will quickly reach a record high,” said Alexander Zumpfe, an analyst at Heraeus.

CNBC INDONESIA RESEARCH

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