Jakarta, CNBC Indonesia – The price of precious metal gold produced by PT Aneka Tambang Tbk on Thursday (9/11/2023) at the LM Graha Dipta Pulo Gadung gold boutique fell by IDR 7,000 to IDR 1,087,000 per gram.
Meanwhile the buyback price (the price used when selling gold again) also fell by IDR 6,000 to IDR 981,000 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 Thursday (9/11/2023):
Antam’s gold price has dropped due to the influence of world gold. In trading Wednesday (8/11/2023) the price of gold on the spot market closed down 0.95% at US$ 1949.79 per troy ounce. This made gold fall for three consecutive days with a weakening of 2.13%. Yesterday’s closing price was the lowest since October 18 2023 or the last 15 trading days.
Gold prices have fallen for three straight days as investors look for fresh cues on the interest rate stance of the US central bank The Federal Reserve (The Fed), while palladium hit its lowest level in five years.
Federal Reserve officials on Tuesday reiterated their stance of balanced policy in the central bank’s next decision, but noted that they would focus on more economic data and the impact of higher long-term bond yields.
Gold is sensitive to rising US interest rates because it increases the opportunity cost of holding non-yielding assets. Lower interest rates increase the appeal of gold.
An increase in US interest rates will also inflate the US dollar, making gold increasingly unaffordable to buy.
The increase in gold prices obtained from the Israel-Hamas war is starting to erode. Gold bullion rose more than 7% in October as conflict in the Middle East increased safe-haven demand.
CNBC INDONESIA RESEARCH
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