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Good News Mother, Antam's Gold Price Is Rising Again

Good News Mother, Antam's Gold Price Is Rising Again

Good News Mother, Antam's Gold Price Is Rising AgainThe price of gold bullion produced by PT Aneka Tambang (Antam) Tbk. or known as Antam's gold was observed to strengthen.

According to data from PT Antam's official website, Logammulia.com , today's 1 gram of gold is priced at Rp. 945,000/bar, rising 0.96% or strengthening around Rp. 9,000 per gram.

Meanwhile, the buyback price (the price used when selling gold back) rose by Rp. 15,000 per gram to Rp. 830,000/gram.

"The resale price is the same for all fractions and years of production. For buyback transactions, please contact the nearest LM Gold Boutique with buyback service hours on Monday-Friday. Payments are made by transfer on H+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 which strengthened today tends to follow the movement of the world's reference gold price which was observed to have accelerated in trading last Friday.

In trading last Friday, the world benchmark gold price on the spot market was recorded at US$ 1,656.66 per troy ounce, a 1.78% jump compared to the previous day's position.

The soaring world benchmark gold price occurred because the United States (US) dollar weakened amid reports of a potential debate between officials of the US central bank (Federal Reserve / The Fed) about the pace of interest rate hikes.

The Wall Street Journal (WSJ) reports that Fed officials are heading for another 75 basis points (bp) rate hike in November, while some have started signaling their desire to slow the pace of hikes soon.

"The Wall Street Journal article citing a pace of rate hikes is being considered by market participants," said Daniel Ghali, commodity strategist at TD Securities .

Good News Mother, Antam's Gold Price Is Rising Again

San Francisco Fed President Mary Daly said the Fed should avoid putting the US economy into a "forced downturn" by excessive tightening, adding that the Fed was nearing the point where it should slow its rate hikes.

Gold is sensitive to rising interest rates. As interest rates rise, the opportunity cost of holding non-yielding gold increases.

"With gold hitting rock bottom, people are coming in and starting to buy it," said Michael Matousek, head trader at US Global Investors .

The dollar index (DXY), which measures the greenback 's strength against other currencies, gave up earlier gains and fell 0.6%, making gold cheaper for investors.

Even though it tends to be cheaper, world gold is expected to be under pressure because the policy of tight benchmark interest rates makes the metal less attractive to investors.

Gold is also expected to fall to as low as US $ 1,530 per troy ounce, Goldman Sachs worst case scenario.

This scenario considers if US inflation will slow down next year so that the US can avoid a recession.

In this scenario, the yield on 10 -year US government bonds is around 1.7%. This level is well below the current range of 4.07%.

"When the US economy slows, investors will also turn their funds from safe assets such as gold to stocks," added Goldman Sachs.

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