Record! Antam’s Gold Price Today is the Highest of All Time

Jakarta, Armfalcon.com– Antam’s gold price today, Friday (24/3/23) again scored an all-time high in history. At the LM Graha Dipta Pulo Gadung gold boutique, the price of 1-gram Antam gold is Rp. 1,096,000 per stick.

Antam’s gold price today rose by IDR 9,000 compared to the previous day.

The increase in Antam’s gold price is in line with the increasing strengthening of world gold and is even predicted to penetrate $2,500 per troy ounce.

Antam’s new gold price record is only four days away from the previous new record.

For the record, Antam’s highest gold price was again recorded last week (19/03/23) breaking the Rp. 1,088,000 mark. Previously, the previous record was reached on August 7 2020, which penetrated IDR 1,065,000 per gram.

Meanwhile, Antam’s gold buyback price also strengthened and was set at IDR 985 thousand per gram, an increase of IDR 9,000 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.

Gold prices have been flying since last week after the United States (US) shook due to the collapse of three banks namely Silvergate Bank, Signature Bank and Silicon Valley Bank (WVB).

A number of analysts are now starting to predict how gold will run fast. The main factor is the policy direction of the US central bank The Federal Reserve (The Fed)

CMC Markets analyst, Tina Teng, estimates that gold can penetrate to the level of US $ 2,500-2,600 in the near future.

“Once the Fed pivots on its interest rate policy, gold will continue to soar because the US dollar will be under pressure,” Teng said, quoted fromCNBC International.

After the US banking crisis, many predicted that the Fed would pivot or reverse its policy by lowering interest rates.

However, the Fed continued to raise interest rates by 25 bps on Wednesday US time (22/3/2023).
On Monday’s trade (20/3/2023) at 14:26 WIB, the gold price penetrated US$ 2,007.69 per ton or flew 1%.

This is the first time gold has penetrated the US$ 2,000 level since March 7, 2022 or a few days after the Russo-Ukrainian war erupted at the end of February 2022.

The record for the highest gold price was recorded in early August, which broke US$ 2,075 per troy ounce.

After a record gold price slumped last year due to tight policieshawkishThe price of gold is still helped by the large central bank purchases.

In 2022, the central bank bought 1,136 tons of gold, the highest record in 11 years.

“Central bank purchases of gold are going to keep gold prices up in the long term,” Randy Smallwood of Wheaton Precious Metals told reporters.CNBC International.

The projection of a surge in gold prices was also conveyed by Fitch Solutions. The rating agency predicts that the price of gold will soon touch US$ 2,075 in the coming weeks.
OANDA analyst Craig Erlam agrees with Fitch’s projections.

“It is very likely that gold will continue to strengthen going forward. The stars in the sky also seem to support gold’s strengthening. When gold will break a new record seems to be a matter of time,” said Erlam.

According to him, the Fed must choose between continuing its hawkish policy to avoid a recession or softening. Both will have a positive impact on gold because it will make gold more sought after.

“The Fed must choose between preventing high inflation or recession. Both are positive for gold. The price of gold could strengthen to US$ 2,200 per troy ounce,” said Nicky Shiels, an analyst at MKS Pamp.

The monetary policydovishor loose will make the US dollar weaker andyieldUS government debt fell.

This condition is certainly a good thing for the movement of gold. A weaker US dollar will make gold more affordable because it is cheaper.

Gold also offers no yields so it can be more competitive with US government debt.

CNBC INDONESIA RESEARCH

[email protected]

[Gambas:Video CNBC]

(mae/mae)