Jakarta, CNBC Indonesia – The price of precious metal gold produced by PT Aneka Tambang Tbk on Thursday (18/1/2024) at the LM Graha Dipta Pulo Gadung gold boutique fell by IDR 6,000 per gram to IDR 1,115,000. This is the lowest since December 18 2023 or one month ago. In a week, Antam's gold price has fallen by IDR 15,000.
Likewise with prices buyback (the price used when reselling gold) was at IDR 1,016,000 per gram, down IDR 6,000 per gram.
Antam's gold price was influenced by world gold on the spot market which fell in yesterday's trading.
Refer Refinitiv, in trading Wednesday (17/1/2024), the price of gold closed at US$ 2,005.69 per troy ounce. Gold prices fell 1.08%. This price is the lowest since December 12 2023 or in more than a month.
Gold prices collapsed after US retail sales data strengthened beyond market expectations. The US reported retail sales for the December 2023 period grew 0.6% monthly (month-to-month/mtm), higher than the previous month's growth of 0.3% and market consensus of 0.4%.
On a monthly basis, this is the biggest increase in the last three months. Meanwhile on an annual basis, US retail sales rose 5.6% in December 2023, higher than the previous month and market consensus at 4% yoy. This increase is the largest in the last eleven months.
The strong US retail sales reflect that US purchasing power is still strong and the US economy is still hot, so inflation is likely to have difficulty falling quickly.
This increase in US retail sales has made market players' hopes of seeing a cut in interest rates by the US central bank, The Federal Reserve (The Fed) in the near future dwindling.
According to the FedWatch Tool by CME Group, market players' expectations of the Fed's interest rate cut at the next March meeting have fallen to 55%, even though in the last few days the chance has been recorded at above 60%.
CNBC Indonesia Research
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