Jakarta, Armfalcon.com– Antam’s gold price fell on Thursday and Friday (7/4/23) in line with the weakening global gold price. At the LM Graha Dipta Pulo Gadung gold boutique, the price of 1-gram Antam gold fell by Rp. 4,000 to Rp. 1,074,000 per stick.
The price reduction also occurred yesterday, amounting to IDR 5,000. This means that in two days Antam’s gold price has been discounted by IDR 9,000.
Meanwhile, Antam’s gold buyback price increased and was set at IDR 966,000 per gram, down IDR 3,000 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 weakening of Antam’s gold price was influenced by the sloping global gold price.
At the close of trading on Thursday (6/4/2023), gold closed at US$ 2,008.02 per troy ounce. The price of the precious metal fell 0.61%.
This weakening broke the positive trend of gold which strengthened in the previous three trading days. Despite weakening yesterday, the price of gold still flew 1.4% in a week.
Gold is also still moving at the psychological level of US$ 2,000 per troy ounce. For the record, gold is starting to re-enter that level after surging 1.81% on Tuesday (4/4/2023).
Sprott analyst Paul Wong explained yesterday’s weakening of gold was caused by the quiet trading ahead of the long weekend and the latest data on jobless claims.
“Both are good for gold. This is a long weekend, so it’s only natural that trading volume will decrease,” Wong said, quoted Reuters.
Recent data shows that jobless claims have fallen. The number of workers filing unemployment claims decreased by 18,000 to 228,000 in the week ending April 1, 2023.
This number is actually above market expectations, which is around 200,000. One of the reasons for the large increase was the revision of the adjusted data.
There was an upward revision to the number of jobless claims of around 48,000 in the previous week. The US adjusted its calculations from 2018.
With the number of jobless claims falling, the projections of many parties if US employment data really ‘cools down’ could be wrong.
Fewer jobless claims indicate that there is still a large amount of labor absorption.
Of course this could be bad news for gold. This is because the strong labor data is still a signal that US inflation may not fall as quickly as people hope.
The US central bank The Federal Reserve (The Fed) will find it difficult to soften.
CNBC INDONESIA RESEARCH
World Gold Drops, Antam’s Gold Price Today Even Increases IDR 3,000