Jakarta, CNBC Indonesia – The price of Precious Metal gold produced by PT Aneka Tambang Tbk on Wednesday (1/5/2024) at the LM Graha Dipta Pulo Gadung gold boutique was recorded at IDR 1,310,000, dropping by IDR 15,000 per gram. This position is the highest in history.
Likewise with prices buyback (the price used when reselling gold) is at IDR 1,204,000 per gram, the highest in history.
Antam's gold price plummeted when world gold declined. According toRefinitivThe price of gold on the spot market fell 1.7% to US$2,294.84 per troy ounce on Tuesday (30/4/2024).
Gold prices have risen 2.8% so far this month after hitting a record high of $2,431.29 in early April.
“A lot of traders have a lot of profit tucked away in gold and silver, and they're willing to stay out of the Fed announcements,” said Bob Haberkorn, senior market strategist at RJO Futures.
“However, there is a lot of demand in Asia and strong central bank demand. We've had a flight to safer assets in the last two years. So, the market will continue to move forward through the remainder of the year.”
The US central bank begins its monetary policy meeting on Tuesday, where it is expected to keep interest rates at 5.25%-5.5%. All eyes are on Fed Chair Jerome Powell's speech on Wednesday for further clues regarding rate cut projections.
Traders have reduced speculation of a Fed rate cut this year due to better-than-expected US economic data and high inflation.
Powell's stance may be very hawkish, prompting expectations of a first rate cut in the fourth quarter or even next year – a scenario that would bode ill for gold, said Ricardo Evangelista, senior analyst, ActivTrades.
CNBC Indonesia Research
[Gambas:Video CNBC]
Next Article
Antam's gold price is being discounted, can you buy it?
(race/race)