Jakarta, CNBC Indonesia – Price buyback Antam’s gold has fallen 9.3% point-to-point (ptp) since its peak on March 9 at Rp. 943,000/gram. While the purchase price fell 6.5% ptp.
Launch data from the site logammulia.comthe price of 1 gram gold bullion was at Rp. 969,000/gram, down by Rp. 6,000/gram or 0.6% from the previous position.
Temporary price buyback (the price used when selling gold again) fell by Rp. 12,000/gram or 1.2% compared to yesterday’s trade. In today’s trading the price of gold buyback recorded at IDR 855,000/gram.
“The resale price is the same for all shards and years of production. For transactions buyback please contact the nearest LM Gold Boutique with service hours on weekdays Monday-Friday. Payment is made by transfer on D+2 to D+3 (working days). If the packaging is damaged or lost, a discount will be imposed in accordance with the applicable terms and conditions,” explained the statement on the Antam website.
Antam’s gold price movement is in line with world gold which weakened in yesterday’s trading. On trading Wednesday (11/5/2022) the world reference gold price in the market spot closed at US$ 1,821.72/troy ounce, down 1.64% from the previous position.
The weakening of gold was triggered by the strengthening of the United States (US) dollar. The US dollar index which measures greenback against six major currencies, rose 0.87% to as low as 104.750 in yesterday’s trading. Passed its highest record since two decades on Monday (9/5/2022) at the level of 104.49.
“The current movement of gold is largely determined by the US dollar and expectations of an increase in the Fed’s benchmark interest rate. These two factors mask the attractiveness of gold as a safe asset,” said Michael McCarthy, from Tiger Brokers, Australia, as quoted from Reuters.
Ravindra Rao from Kotak Securities, warned that gold still has the potential to rise if fears of a worsening global economy continue to strengthen. Gold as a safe asset will be the choice of people when the economy worsens.
However, he also emphasized that the movement of gold prices will still be largely determined by the US dollar. “Gold is likely to be stable in the range of US $ 1,850 per troy ounce. Gold prices are not likely to rise sharply unless the US dollar weakens drastically,” said Ravindra as quoted from livemint.com.
CNBC INDONESIA RESEARCH TEAM
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