Jakarta, CNBC Indonesia – The price of precious metal gold produced by PT Aneka Tambang Tbk on Wednesday (7/2/2024) at the LM Graha Dipta Pulo Gadung gold boutique rose by IDR 6,000 per gram to IDR 1,136,000.
Likewise with prices buyback (the price used when reselling gold) is at IDR 1,033,000 per gram.
Antam's gold strengthened along with the rise in world gold. In trading Tuesday (6/2/2024) the price of gold on the spot market closed up 0.53% at US$ 2035.46 per troy ounce.
Gold prices strengthened in Tuesday's trading after a decline in the US dollar and Treasury yields, while market players await comments from several Fed officials this week to gauge the possible pace of interest rate cuts this year.
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 strengthening 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 make the US dollar and US Treasury yields weaken, thereby reducing the opportunity cost of holding gold. So gold becomes more interesting to collect.
CNBC Indonesia Research
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