Jakarta, CNBC Indonesia – The price of precious metal gold produced by PT Aneka Tambang Tbk on Saturday (4/11/2023) at the LM Graha Dipta Pulo Gadung gold boutique fell slightly by IDR 1,000 to IDR 1,125,000 per gram.
Meanwhile the buyback price (the price used when selling gold again) also fell slightly by IDR 1,000 to IDR 1,017,000 per gram.
“The resale price is the same for all fractions and years of production.
For buyback transactions, please contact the nearest LM Gold Boutique with service hours Monday-Friday. 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 Saturday (4/11/2023):
Antam’s gold price, which has weakened slightly, is inversely proportional to world gold prices which have strengthened again. In yesterday’s trading, Friday (3/11/2023) world gold closed at US$ 1,992.27 per troy ounce, gaining 0.34% daily.
The strengthening of world gold prices is good news because it has returned to close to US$ 2000 per troy ounce since it began to be corrected at the end of last October.
Analyst from RJO Futures, Bob Haberkorn, explained that gold prices strengthened yesterday, supported by United States (US) employment data. The increase was also supported by the weakening of the US dollar and US Treasury yields.
Last Friday (3/11/2023), the US Bureau of Labor released a number of indicators that showed the labor market was starting to cool. Firstly, from employment data recorded outside the agricultural sector or non-farm payroll as of October 2023 it is 150,000. This value is better than market players’ estimates of 180,000 and compared to the previous month’s 297,000.
The decline in the number of jobs has caused Uncle Sam’s country’s unemployment rate to rise, in the October 2023 period the unemployment rate will be 3.9% compared to the previous month of 3.8%.
US labor data is one of the Fed’s main considerations in determining policy. If US employment data is still strong, inflation is projected to have difficulty falling. Preferably, if the unemployment rate rises then there is hope that the Fed will reduce it hawkishnyes.
Now, when the Fed starts to soften the US dollar and US Treasuries will not put too much pressure on gold. Another thing that drives gold apart from labor is also the news of the Israeli-Hamas war which is still heating up.
Haberkorn also explained that apart from labor data, today’s gold price will be determined by news from the Israel-Hamas war.
“The current price of gold is being greatly helped by geopolitical risks. If the war spreads, it will benefit gold,” said Haberkorn, quoted from Reuters.
CNBC INDONESIA RESEARCH
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