Jakarta, CNBC Indonesia – The price of precious metal gold produced by PT Aneka Tambang Tbk on Wednesday (3/1/2024) at the LM Graha Dipta Pulo Gadung gold boutique was stable at IDR 1,129,000.
Likewise with prices buyback (the price used when reselling gold) is at IDR 1,027,000 per gram.
Antam's gold price is stable in response to the decline in world gold in the first trade of 2024.
In trading on Tuesday (2/1/2023) the price of gold on the spot market closed down 0.20% at US$ 2058.51 per troy ounce. Thus, gold prices fell for three consecutive days with a weakening of 0.9%.
Gold enters 2024 under pressure from a surging US dollar, but remains resilient amid expectations the Fed will cut interest rates this year and growing concerns over attacks on shipping in the Red Sea.
The dollar index rose 0.88% to 101.92 in trading Tuesday (2/1/2023), on track for its biggest daily gain since July. In addition, the increase in US Treasury yields is higher, making gold bullion priced in dollars more expensive for foreign buyers.
In trading Tuesday (2/1/2023) the 10-year US Treasury yield shot up 2.09% to 3.94%.
This week, market attention is focused on the minutes of the last Fed meeting scheduled for Thursday. US job vacancies data and December non-farm payrolls data, both due on Friday, will also be closely watched.
Gold prices are very sensitive to movements in US interest rates. An increase in US interest rates will make the US dollar and US Treasury yields strengthen. This condition is not beneficial for gold because the stronger dollar makes it difficult to buy gold so demand falls. Gold also does not offer yields so rising US Treasury yields make gold less attractive.
However, lower interest rates will weaken the US dollar and US Treasury yields, thereby reducing the opportunity cost of holding gold. So gold becomes more interesting to collect.
CNBC INDONESIA RESEARCH
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