Jakarta, CNBC Indonesia – The price of precious metal gold produced by PT Aneka Tambang Tbk on Thursday (4/1/2024) at the LM Graha Dipta Pulo Gadung gold boutique fell by IDR 6,000 to IDR 1,122,000.
Likewise with prices buyback (the price used when reselling gold) was at IDR 1,021,000 per gram, down IDR 6,000.
Antam's gold price fell in line with the decline in world gold on the spot market.
In trading Wednesday (3/1/2024) the price of gold on the spot market closed down 0.91% or almost 1% at US$ 2040.19 per troy ounce. This weakening extends the suffering of gold which has been weakening since December 28 2023. In four trading days, the price of gold collapsed 1.8%.
Gold weakened in trading Wednesday after the minutes of the US Fed's latest policy meeting signaled uncertainty regarding the timing of a potential interest rate cut.
The Fed released the minutes of the Federal Open Market Committee (FOMC) on Wednesday US time or early Thursday Indonesian time. In the minutes, Fed officials appeared increasingly confident that inflation was under control, with reduced “upside risks” and increasing concerns that “too tight” monetary policy could damage the economy, according to the minutes.
However, the Fed has not explained when it will cut interest rates.
“'Hang in there' is the message coming from the Fed's December meeting minutes, although we have seen a cyclical high, rate cuts will take more time, especially with improving financial conditions and high uncertainty,” said Tai Wong, an analyst who New York-based, independent metals trader, reported byReuters.
CNBC INDONESIA RESEARCH
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