Jakarta, CNBC Indonesia – The price of precious metal gold produced by PT Aneka Tambang Tbk on Tuesday (7/11/2023) at the LM Graha Dipta Pulo Gadung gold boutique fell by IDR 12,000 to IDR 1,111,000 per gram.
Meanwhile the buyback price (the price used when selling gold again) also increased by IDR 12,000 to IDR 1,004,000 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.
The following is Antam’s gold price as of Tuesday (7/11/2023):
Antam’s gold price has dropped due to the influence of world gold. The price of gold on the spot market in yesterday’s trading, Monday (6/11/2023) closed at US$ 1,977.66 per troy ounce. The price fell 0.73%.
Kitco Metals analyst, Jim Wyckoff, said gold prices were sloping because geopolitical tensions had faded. Even though the Israel vs Hamas war is still fierce, market players see no potential if the war spreads.
“This keeps gold away from the important factor of safe assets,” said Wyckoff, quoted fromReuters.
Market players are also waiting for an important speech by the Chairman of the United States (US) central bank, The Federal Reserve (The Fed), Jerome Powell. Powell is scheduled to speak at the Division of Research and Statistics Centennial Conference, Washington, DC on Wednesday US time (8/11/2023) .
It is hoped that Powell’s speech will provide a signal to gold players regarding the direction of the Fed’s future policy which will have an impact on gold. If Powell becomes hawkish again, gold could weaken and vice versa.
The reason is policyhawkish aThis will soar the dollar and US Treasury yields. The CME FedWatch tool shows that 90.4% of market players see that the Fed will still hold interest rates next December. This means that until the end of the year the interest rate will still be at the level of 5.25-5.50%.
CNBC INDONESIA RESEARCH
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