Jakarta, CNBC Indonesia – The price of precious metal gold produced by PT Aneka Tambang Tbk on Friday (10/5/2024) at the LM Graha Dipta Pulo Gadung gold boutique was recorded at IDR 1,358,000.
Likewise with prices buyback (the price used when reselling gold) is at IDR 1,251,000 per gram.
Antam's gold price has the potential to strengthen when world gold soars and records a record high.
Based on dataRefinitivThe price of gold on the spot market on Monday (20/5/2024) was recorded at US$2,425.12 per troy ounce. Strengthened 0.42% compared to the previous day.
Traders expect about two quarter-point interest rate cuts from the Federal Reserve this year, with November the most likely starting point. Lower interest rates tend to increase the appeal of non-yielding precious metals.
Hopes of breaking the trend of high interest rates in 2024 soared when US inflation for the April period cooled.
The Bureau of Labor Statistics reported that inflation based on the Consumer Price Index (CPI) rose 3.4% (year-on-year/yoy), lower than the previous month's 3.5%.
US core inflation also cooled in the April period, namely 3.6% yoy. Compared to March which grew 3.8% yoy.
Inflation is a benchmark for the Fed in monetary policy. The Fed set an inflation target of 2% to be more confident in reducing high interest rates.
So when inflation is on a cooling trend, market players' sense of optimism increases.
CNBC Indonesia Research
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