Let’s Wholesale! Antam’s gold price has discounted IDR 19,000 a week

Jakarta, Armfalcon.com– Antam’s gold price in Indonesia decreased on Monday (3/4/23) in line with falling global gold prices.

At the LM Graha Dipta Pulo Gadung gold boutique, the price of 1-gram Antam gold fell by Rp. 4,000 to Rp. 1,068,000 per stick.

Antam’s gold price has been in a downward trend since the last week. In this week, Antam’s gold price has fallen by IDR 19,000.

Meanwhile, the repurchase price or buyback Antam’s gold weakened and was set at IDR 955 thousand per gram, also 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.

At the close of trading on Friday (31/3/2023), gold closed at US$ 1,967.9 per troy ounce. The price of the precious metal fell 0.62%.

Saudi Arabia and other OPEC+ oil producers on Sunday (2/4/2023) announced further crude production cuts of around 1.16 million barrels per day.

It is feared that the cut in oil production will inflate energy prices again so that inflation can creep up.

As a result, inflation in the United States (US) is threatened to rise again. The US central bank The Federal Reserve (The Fed) could even longer maintain its hawkish policy.

“US inflation could rise due to this new factor (cutting oil production). US inflation will rise again and this could remove the possibility of The Fed keeping interest rates in May,” wrote analyst Sagar Dua, quoted from FX Street.

The group argued that it was a “precautionary” step to stabilize the market. This cut is outside of the production cut that Russia has made of 500,000 barrels per day.

Russia cut production as a form of “retribution” to Western sanctions over the Ukraine issue.

In detail, Saudi Arabia will cut 500,000 barrels per day, Iraq 211,000, UAE 144,000, Kuwait 128,000, Algeria 48,000 and Oman 40,000.

This step by OPEC and Saudi Arabia could again soar global energy prices. Energy prices are one of the biggest contributors to inflation in the US.

The US itself will announce March inflation data on April 12. US inflation was recorded at 6.0% (year on year/yoy) in February 2023, from 6.4% (yoy) in January.

The market expects that inflation will continue to decline to 5.8% (yoy) in March.

Governor of the Fed Governor Philip Jefferson last Monday (27/3/2023) emphasized that the Fed’s main target is still to bring inflation to around 2%.

“Inflation must be brought back to within the 2% range, to the FOMC (Federal Open Market Committee) target range,” said Jefferson, speaking at the H. Parker Willis Lecture, Washington and Lee University, Lexington, Virginia, last week.

If US inflation accelerates again and the Fed maintains its hawkish policy, then the price of gold could be in danger of dropping.

The Fed’s hawkish policy will boost the US dollar and increase the yield of US government bonds.

A stronger dollar makes gold prices even more unaffordable, making investors increasingly abandon gold.

Precious metals also don’t offer yields so an increase in yield will make gold less attractive.


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source: www.cnbcindonesia.com

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