Jakarta, CNBC Indonesia –The price of gold bullion sold at PT Pegadaian varies in trading today, Wednesday (28/2/2024). The Antam type of gold was observed to weaken, while the UBS type strengthened.
Pegadaian itself sells various types of gold, namely Antam gold, Antam Retro and UBS. The sizes are sold in various sizes, ranging from 0.5 grams to 1,000 grams.
In today's trading, the price of 1 gram of Antam gold was recorded at IDR 1,161,000, down IDR 3,000. As for various measures, the average Antam type of gold fell by 0.27%. This gold is available in sizes/units of 0.5 grams to 1,000 grams.
UBS issued by PT Untung Bersama Sejahtera costs IDR 1,131,000 per gram, an increase of IDR 5,000. As for various measures, the average UBS type gold rose by 0.43%. UBS gold itself is available in complete sizes ranging from 0.5 grams to 500 grams.
Movements in the price of gold sold at Pegadaian are influenced by the dynamics of world gold prices.
The world gold price on the spot market was recorded to have fallen slightly to US$2,031 per troy ounce in yesterday's trading, Tuesday (27/2/2024).
The world gold price which seems stagnant is influenced by investors who are currently waiting for the release of important macro data this week, especially personal spending, PCE index and United States economy. The market assesses that this week's data release can provide an idea of the direction of the interest rate policy of the Federal Reserve or The Fed.
Citing data Trading Economics Core PCE index will grow 0.4% month-to-month or mom in the period January 2024.
Meanwhile, US people's personal spending in January grew at a slower pace of 0.2% according to consensus Trading Economics.
Besides that, Today, the US will release its second estimate of economic growth or gross domestic product (GDP) in the fourth quarter of 2023.
Deep market consensusTrading Economics estimates US GDP in the second estimate on a quarterly basis (quarter-to-quarter/qtq) reached 3.3%, lower than the position in the third quarter of 2023 which reached 4.9%.
The direction of the Fed's monetary policy is important because it can be a driver for gold prices. When interest rates fall, world gold prices will become more attractive because of its non-yielding nature. Then demand will increase, prices will also increase.
CNBC INDONESIA RESEARCH
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