Shining Again, Antam’s Gold Price Today Increases IDR 5,000

Jakarta, Armfalcon.com– Antam’s gold price today (29/3/23) rose along with the strengthening of world gold. At the LM Graha Dipta Pulo Gadung gold boutique, Antam’s 1-gram gold price strengthened by Rp. 5,000 to Rp. 1,082,000 per stick.

Meanwhile, Antam’s gold buyback price also strengthened and was set at IDR 967 thousand per gram, an increase of IDR 5,000 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.

Antam’s increase in gold today is in line with the strengthening of world gold after the fall of the United States (US) dollar.

At the close of trading on Tuesday (28/3/2023), gold closed at US$ 1,973.69 per troy ounce. The price of the precious metal jumped 0.88%.

Yesterday’s surge in gold prices was supported by the collapse of the US dollar. The dollar index closed at 102.43. The index was much lower than its previous closing at 102.86.

The weakening of the US dollar certainly benefits gold. This is because the majority of gold purchases are made in US dollars. If the dollar weakens then the precious metal will be more affordable.

Kitco Metals analyst, Jim Wyckoff, explained that with the sharp weakening of the US dollar, gold prices could actually be even higher.

“Buying gold, which was initially strong, was restrained by the fact that the US banking crisis has for now at least subsided,” said Wyckoff, quoted fromReuters.

The price of gold flew two weeks ago after three US banks collapsed namely Silicon Valley Bank (SVB), Silvergate Bank and Signature Bank collapsed.

However, a number of policies from the US have begun to calm the market. The US Deposit Insurance Corporation (FDIC) has announced that First Citizens BancShare Inc. will buy deposits and loans from Silicon Valley Bank (SVB). The announcement is two weeks after the SVB crash that started the US banking crisis.

The deal includes the purchase of around $72 billion or around Rp 1,019 trillion in SVB assets at a $16.5 billion discount, but about $90 billion in securities and other assets will remain in custody for disposition by the FDIC.

Even though it has subsided, Wyckoff warned that the impact of the crisis has not completely gone away. The market could panic again if the scenario for resolving the crisis doesn’t work.

“Market participants are still weighing heavily (regarding the impact of the crisis). This condition will continue to attract risks for at least the next two weeks or until people are sure that the crisis has passed,” he said.

Gold is a safe haven to look for in times of economic uncertainty or geopolitical tensions. Any risk that could cause an economic shock will increase the demand for gold.

CNBC INDONESIA RESEARCH

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