It’s Time to Buy, Antam’s Gold Price Dropped Rp. 2,000 Today

Jakarta, Armfalcon.com– Antam’s gold price at the beginning of this week, Monday (27/3/23) weakened due to the fall in world gold. The price of gold at the LM Graha Dipta Pulo Gadung gold boutique for the 1-gram size was observed to have fallen Rp. 2,000 to Rp. 1,087,000 per stick.

Meanwhile, the repurchase price or buyback Antam’s gold is set at IDR 978 thousand per gram. The price also decreased by IDR 2,000 from the previous trade.

Antam’s gold price touched a record twice last week, namely on Saturday (18/3/2023) by breaking IDR 1,088,000/gram.

Just four days later, Antam’s gold price again set a new record on Friday (24/3/23). Yesterday, Antam’s gold price scored an all-time high in the position of Rp. 1,096,000 per stick.

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

The decline in Antam’s gold this time followed the weakening of world gold. World gold prices began to decline after flying for two weeks. At the close of trading last week, Friday (24/3/2023), gold closed at US$ 1,977.22 per troy ounce. The price of the precious metal fell 0.82%.

Within a week, gold prices also fell 0.54%. This weakening erased the brilliant performance of gold which strengthened over the previous three weeks. Two weeks ago, gold even rose 6.43%.

Gold prices slumped after the United States (US) dollar returned to strength. The US dollar index at the end of last week closed at 103.12, much higher than the previous day which was at 102.53.

The strengthening of the US dollar is certainly bad news for gold considering that the precious metal is increasingly difficult to reach for investment.

“The strengthening of the US dollar and the rebound in the stock market made gold prices slightly weaker,” said Bart Melek, an analyst at TD Securities, quoted by Reuters.

Gold flew two weeks ago due to increased uncertainty resulting from the US banking crisis.

The market was shaken by the collapse of three banks namely Silvergate Bank, Signature Bank and Silicon Valley Bank (WVB).

In the midst of uncertainty, gold as a safe haven asset is being hunted again.

US authorities have taken a number of steps to contain the spread of the impact of the banking crisis, including by ensuring that guaranteed customer funds will receive their funds.

With the market’s fears diminishing, gold has been released again and many investors are returning to riskier assets such as stocks. As a result, the gold price weakened.

Although weakened, the price of gold is projected to strengthen in the future. Analyst from RJO Futures Bob Haberkorn explained that the banking crisis had not really passed.

The proof is that Europe has again been shaken by concerns about Deutsche Bank’s performance.

Shares in the giant German bank fell more than 13% in opening trade Friday (23/3/2023) following a jump in credit default swaps (CDS) last Thursday, as concerns about the stability of European banks persist.

“Any worries about a banking crisis will make gold prices stronger again,” said Haberkorn.

CNBC INDONESIA RESEARCH

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