Jakarta, CNBC Indonesia – The price of precious metal gold produced by PT Aneka Tambang Tbk on Wednesday (13/3/2024) at the LM Graha Dipta Pulo Gadung gold boutique fell by IDR 10,000 to IDR 1,200,000.

Likewise with prices buyback (the price used when reselling gold) is at IDR 1,097,000 per gram.

Antam's gold price was dragged down by world gold prices which fell 1% in yesterday's trading (12/3/2024).

Gold prices were still under pressure in Tuesday's trading, falling more than 1%, after the United States (US) inflation report dimmed the prospect of the Federal Reserve (The Fed) immediately lowering interest rates.

US consumer prices rose strongly in the February period, indicating some stickiness in inflation. Data shows the Consumer Price Index (CPI) rose 0.4% monthly in February. Annually, the figure increased 3.2%, above the forecast of 3.1%.

“The CPI came in with some difficulty but the market was expecting a high number so the initial reaction was a bit muted but prices have fluctuated since then,” Tai Wong, a New York-based independent metals trader, told Reuters.

In the short term, prices will consolidate and may stabilize around the US$2,100 per troy ounce level and will break above US$2,200 per troy ounce by the end of the second quarter this year, Aakash Doshi, head of North American commodities at Citi Research, told Reuters .

CNBC Indonesia Research

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