Jakarta, CNBC Indonesia – Price of gold produced by PT Aneka Tambang (Antam) Tbk. or what is known as Antam gold, was observed to rise again in trading on Thursday (8/2/2024), where today is a holiday on the occasion of Isra Miraj 1445 H.
According to data from the official PT Antam website, metalmulia.comat the LM Graha Dipta Pulo Gadung gold boutique, the price of 1 gram of gold today is IDR 1,139,000/piece, an increase of IDR 3,000 per gram from yesterday's price position.
On the same hand, the repurchase price or buyback Antam gold was set at IDR 1,136,000 per gram, not much changed from previous trading.
The following is a graph of Antam's gold price movements:
The increase in Antam's gold price today occurred amid flat movements in world benchmark gold prices yesterday, because investors were doubtful about the future policy of the United States (US) central bank, the Federal Reserve (The Fed).
On Wednesday, world gold prices closed slightly up 0.03% to US$ 2,034.75 per troy ounce. This strengthening is inversely proportional to the weakening of 0.06% in the previous trading day.
Throughout this week, gold prices have been very volatile with slight movements. In the last four days, gold prices have strengthened twice and weakened twice.
In trading this morning today, at exactly 06:06 WIB, the price of gold was at US$ 2,035.40 or up 0.03%.
Analyst from Blue Line, Phillip Streible, said that unstable gold prices tend to stagnate because market players still do not see clarity on the Fed's future policy.
A number of Fed officials expressed their views on future Fed policy at several events this week.
The majority emphasized that the Fed would not cut interest rates until they were confident that inflation would fall to around 2%. However, there are also officials who are inclined dovish.
“Currently our policy is good, you are very careful in assessing existing data and the outlook for the future. If we start to be confident you will start cutting interest rates this year,” said Boston Fed President Susan Collins at the event Boston Economic Club, yesterday, quoted from Reuters.
Previously, Fed Chairman Jerome Powell had indicated that cuts were still far away. Powell in his interview on “60 Minutes” in CBS said that the Fed would be careful in cutting interest rates this year.
“We want to see more convincing evidence that inflation is moving to around 2% before taking the very important step of cutting interest rates,” said Powell, quoted from CNBC International.
The President of The Richmond President Thomas Barkin at the Economic Club of Washington event also expressed his viewshawkish.He emphasized that the Fed would patiently wait for inflation to fall.
In contrast, Minneapolis Fed President Neel Kashkari has a more nuanced view dovish.
““I can say that two or three interest rate cuts are appropriate infrequently if you look at the available data,” he said as quoted by CNBC International.
CNBC INDONESIA RESEARCH
[email protected]
[Gambas:Video CNBC]
Next Article
End of Month Discount, Antam Gold Price Today Dropped IDR 4,000
(chd/chd)