Jakarta, CNBC Indonesia – The price of precious metal gold produced by PT Aneka Tambang Tbk on Thursday (2/11/2023) at the LM Graha Dipta Pulo Gadung gold boutique was stable at IDR 1,123,000 per gram.
Meanwhile the buyback price (the price used when selling gold again) remains at IDR 1,015,000 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 Thursday (2/11/2023):
AnalystStandard Chartered, Suki Cooper, explained that gold prices weakened because market players saw that the Fed was stillhawkish.
“Macroeconomic pressures are still looming over gold, from high inflation to interest rates and rising dollars. Gold is still being helped by the Middle East conflict,” Cooper toldReuters.
In line with market expectations, the Fed decided to hold its benchmark interest rate at 5.25-5.50% on Wednesday US time or early Thursday morning Indonesia time. Thus, the Fed has held interest rates at the last two meetings. The Fed last raised interest rates at the Federal Open Market Committee (FOMC) meeting on July 25, 2023.
However, the Fed emphasized that inflation has not moved as fast as they would like, so the potential for interest rate increases still exists. Fed Chair Jerome Powell also reminded that the Fed has not made any decisions regarding interest rates for next December. All decisions will depend heavily on data developments.
Powell at the press conference after the FOMC meeting explained that efforts to bring inflation back to around 2% were still a long way off.
For the record, US inflation will reach 3.7% (yoy) in September 2023. Core inflation is still moving at 4.1%.
“The process of reducing inflation to around 2% is still far from complete. We will determine policy from meeting to meeting,” said Powell, quoted fromCNBC International.
CNBC INDONESIA RESEARCH
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