Jakarta, CNBC Indonesia – The price of precious metal gold produced by PT Aneka Tambang Tbk on Saturday (11/11/2023) at the LM Graha Dipta Pulo Gadung gold boutique fell by IDR 8,000 to IDR 1,084,000 per gram.
Meanwhile the buyback price (the price used when selling gold again) was also corrected by IDR 7,000 to IDR 980,000 per gram.
“The resale price is the same for all denominations and years of production. For buyback transactions, please contact the nearest LM Gold Boutique with service hours on Monday-Friday working days. Payment is made by transfer on H+2 to H+3 (working days) “If the packaging is damaged or lost, a deduction will be charged in accordance with the applicable terms and conditions,” explained the statement on the Antam website.
Antam’s gold price has dropped due to the influence of world gold. In trading on Saturday (11/11/2023) at 08.19 WIB, the price of gold on the spot market closed with a correction of 1.09% at US$ 1,936.79 per troy ounce. The decline in gold prices was also seen during the week, which was corrected by 2.07%.
Throughout this week, the majority of world gold prices were in the red zone, correcting 4 times and strengthening once.
The correction in gold prices occurred after Chairman of the Federal Reserve (The Fed) Jerome Powell reiterated the need for higher interest rates to control inflation.
Powell said Fed officials were “not confident” that interest rates were still high enough to lower inflation to the US central bank’s 2% target, thereby sending the US dollar and Treasury yields higher.
The fight to restore price stability “has a long way to go,” Powell said in comments exploring how he sees the final phase of the fight against inflation coming, with greater “disinflation” likely necessary as the economy slows.
For some, Powell’s comments were no different from last week’s comments when the Fed held interest rates steady, leading many in the market to assume that the rate hike cycle was over. However, some Fed officials signaled otherwise as the US economy remains strong.
CNBC INDONESIA RESEARCH
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