Jakarta, CNBC Indonesia – The price of Precious Metal gold produced by PT Aneka Tambang Tbk on Thursday (29/2/2024) at the LM Graha Dipta Pulo Gadung gold boutique was IDR 1,138,000, an increase of IDR 4,000.
Likewise with prices buyback (the price used when reselling gold) is at IDR 1,030,000 per gram.
Today the US will release data on the personal consumption expenditure (PCE) price index, which is the Fed's main benchmark in determining interest rates.
Deep market consensusTrading Economicsestimates that Uncle Sam's PCE inflation in January 2024 will fall to 2.4% on an annual basis (year-on-year/yoy) and rose to 0.3% monthly (month-to-month/mtm).
Meanwhile, core PCE inflation, which excludes volatile food and energy prices, is expected to rise to 2.9% (yoy) and 0.4% (mtm).
The Fed's recent comments and hot inflation data have prompted speculation of the Fed's first interest rate cut in June, compared with March in early 2024. Higher interest rates are likely to discourage investment in non-yielding gold bullion.
New York Fed Governor John Williams said that although the economy had come a long way towards a better balance, the 2% inflation target had not been achieved.
CNBC Indonesia Research
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