Jakarta, CNBC Indonesia – The price of precious metal gold produced by PT Aneka Tambang Tbk on Tuesday (16/1/2024) at the LM Graha Dipta Pulo Gadung gold boutique rose by IDR 4,000 per gram to IDR 1,134,000.
Likewise with prices buyback (the price used when reselling gold) was at IDR 1,034,000 per gram, an increase of IDR 4,000 per gram.
In trading Monday (15/1/2024) the price of gold on the spot market closed up 0.28% at US$ 2054.49 per troy ounce. This price is the highest since January 2, 2024 or the last eight trading days. Yesterday's strengthening also extended the positive trend of gold which strengthened for three consecutive days with a gain of 1.54%.
Gold prices rose in trading Monday, as the metal's appeal was driven by safe-haven demand due to tensions in the Middle East, while markets increased speculation that the Federal Reserve (The Fed) would cut interest rates as soon as March 2024.
Meanwhile, the war between Israel and Hamas has passed the 100-day mark as Israel continues its fierce offensive, while the Houthi militia's threat to respond to US airstrikes in Yemen keeps risks high.
Gold tends to perform well during economic turmoil, with reliability that can help offset the risk of more volatile assets in conditions such as geopolitical uncertainty.
CNBC Indonesia Research
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