Jakarta, CNBC Indonesia – The price of precious metal gold produced by PT Aneka Tambang Tbk on Wednesday (18/10/2023) at the LM Graha Dipta Pulo Gadung gold boutique rose by IDR 3,000 to IDR 1,088,000 per gram.

Meanwhile the buyback price (the price used when selling gold again) rose by IDR 4,000 to IDR 973,000 per gram.

“The resale price is the same for all denominations and years of production. For buyback transactions, please contact the nearest LM Gold Boutique with service hours on Monday-Friday working days. Payment is made by transfer on H+2 to H+3 (working days) “If the packaging is damaged or lost, a deduction will be charged in accordance with the applicable terms and conditions,” explained the statement on the Antam website.

The following is Antam’s gold price as of Wednesday (18/10/2023):

The price of gold on the spot market in trading on Tuesday (17/10/2023) closed at US$ 1,923.07 per troy ounce. The price strengthened 0.19%This strengthening is inversely proportional to the movement of gold prices which weakened 0.64% on Monday this week.

Analyst from FXTM, Lukman Otunuga,explained that gold movements were still supported by geopolitical uncertainty in the Middle East. Geopolitical tensions can even dampen negative sentiment regarding interest rates.

Market players are waiting for a speech by the Chairman of the US central bank, The Federal Reserve (The Fed), Jeromw Powell.Powell will speak at the Economic Outlook event at the Economic Club of New York (ECNY) Luncheon, New York, New York on Thursday (19/10/2023). Powell’s speech will be eagerly awaited considering that market players want to find out the future direction of the Fed’s policy after US inflation is still accelerating.

The FedWatch Tool shows that 11.5% of market players expect an increase in the benchmark interest rate of 25 bps next November. This figure increased compared to the previous day which reached 6.8%.

CNBC INDONESIA RESEARCH

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