Without the fuss, Antam’s gold price immediately rose to this level

Jakarta, Armfalcon.com– Antam’s gold price on Tuesday’s trade (16/5/23) strengthened in response to global gold prices which strengthened in yesterday’s trade. At the LM Graha Dipta Pulo Gadung gold boutique, the price of 1-gram Antam gold rose by Rp. 4,000 to Rp. 1,064,000 per stick.

Meanwhile, Antam’s gold buyback or buyback price is set at IDR 960,000 per gram, this price has also increased by 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.

The increase in Antam’s gold price this time succeeded in stopping the trend of stagnant prices, aka not changing for three consecutive days.

Antram’s gold movement is in line with the strengthening of global gold prices. On Monday’s trade (15/5/2023) the global gold price on the spot market closed at US$ 2,020.60 per troy ounce. The price strengthened 0.47%. Yesterday’s strengthening at the same time broke the negative trend of the precious metal which had slumped the previous three days.

Exinity analyst, Han Tan, explained that market participants were in an anxious “mood” amid the planned Biden-McCarthy meeting.

The meeting could have a different impact on gold. On the one hand, the price of gold can rise if the meeting fails because uncertainty will increase so that the demand for safe assets such as gold can increase.

However, if the meeting fails to reach an agreement, the US economy could also be threatened, which could exacerbate the global economy.

This condition can make demand for commodities weaken.

“The gold support point seems to be above US$ 2,000 per troy ounce, but the price of gold could fall in the short term due to debt ceiling issues. On the one hand, market players are worried there is a debt ceiling problem but on the other hand there is still an interest rate issue,” said Han Tan, quoted by Reuters.

As is known, the administration of US President Joe Biden has been messing around with a debt settlement stalemate for months.

The US is threatened with default if the debt limit is not raised.

US Treasury Secretary Janet Yellen again urged Congress to raise the federal debt limit of US $ 31.4 trillion to prevent an unprecedented default or default. According to him, this will trigger a global economic ‘catastrophe’.

Settlement of the US debt ceiling is “held hostage” by the Republican Party which is the opposition party.

Republicans have repeatedly said they won’t raise the debt ceiling unless the government cuts spending drastically or cuts costs.

CNBC INDONESIA RESEARCH

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