Antam’s gold price has dropped by IDR 4,000 today, is it time to buy? My Money – 3 hours ago


Jakarta, CNBC Indonesia – The price of precious metal gold produced by PT Aneka Tambang Tbk on Thursday (30/11/2023) at the LM Graha Dipta Pulo Gadung gold boutique fell by IDR 4,000 per gram to IDR 1,120,000.

This weakening of Antam’s gold price ended the positive trend of the previous two days where the price continued to rise for two consecutive days. Despite weakening today, in the last seven days, Antam’s gold price has strengthened by IDR 25,000 per gram.

Meanwhile the buyback price (the price used when selling gold again) was at IDR 1,019,000 per gram, down IDR 4,000.


According to the Precious Metals website, even though Antam’s gold price has been corrected, this position is approaching gold’s all-time high. The highest record for gold prices was touched two days ago, November 28 at the level of IDR 1,150,000, which broke the record exactly a month ago, or October 28 2023 at the level of IDR 1,136,000 per gram.

The decline in Antam’s gold price occurred, even though global spot gold prices were still strong, which was also followed by yesterday’s trading driven by sentiment about the weakening dollar and expectations that the US Fed had finished raising interest rates. Global gold prices have reached their highest level in more than six months.

Gold prices are now entering the bullish short trend area, with the dollar index in a downward trend amid hopes that the Fed will no longer raise interest rates and may even cut them in spring next year.

This can also be proven by the CME FedWatch tool, where 98.5% of the market predicts that the Fed will hold its benchmark interest rate again at its next December meeting.

Meanwhile, 49.5% expect the Fed to make its first interest rate cut by 25 basis points (bps) in May 2024 to 5-5.25%.

These expectations also dragged down the dollar index and US Treasury yields.

The dollar index was at 102.84 in yesterday’s trading, Wednesday (29/11/2023). Despite strengthening, the dollar index moved to its lowest level since mid-August or more than three months.
The 10-year US Treasury yield was at 4.26% in yesterday’s trading, the lowest since mid-September 2023 or more than two months.

This can also be proven by the CME FedWatch tool, where 98.5% of the market predicts that the Fed will hold its benchmark interest rate again at its next December meeting.

Meanwhile, 49.5% expect the Fed to make its first interest rate cut by 25 basis points (bps) in May 2024 to 5-5.25%.

The following is Antam’s gold price as of Thursday (30/11/2023):

CNBC INDONESIA RESEARCH

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(mza/mza)