Ahead of the BI Interest Rate Announcement, Antam Gold Prices Rise My Money – 1 hour ago

Jakarta, CNBC Indonesia – The price of precious metal gold produced by PT Aneka Tambang Tbk on Wednesday (21/2/2024) at the LM Graha Dipta Pulo Gadung gold boutique rose by IDR 3,000 to IDR 1,131,000.

Likewise with prices buyback (the price used when reselling gold) was at IDR 1,023,000 per gram, an increase of IDR 3,000.

Antam's gold strengthened in line with world gold prices on the spot market which strengthened.

In trading Tuesday (20/2/2024) the price of gold on the spot market closed up 0.29% at US$ 2023.53 per troy ounce. The price of gold remained at the psychological level of US$2,000 per troy ounce after falling to the psychological level of US$1,900 in trading on February 16 2024.

Gold prices rose to their highest level in more than a week in trading Tuesday as the dollar weakened, while market players' attention will turn to the release of the minutes of the United States (US) Federal Reserve (The Fed)'s latest monetary policy meeting as a signal of further interest rate cuts. carry on.

The dollar index fell 0.20% to 104.08 Tuesday (20/2/2024) and briefly touched the psychological level of 103 again. The decline in the US dollar made gold bullion priced in greenbacks cheaper for foreign buyers.

The minutes of the US central bank's January policy meeting will be released today US time or early Thursday morning Indonesian time.

Apart from that, today Bank Indonesia will also release its benchmark interest rate so investors are looking forward to it.

Gold prices are very sensitive to movements in US interest rates. An increase in US interest rates will make the US dollar and US Treasury yields strengthen. This condition is not beneficial for gold because the strengthening dollar makes it difficult to buy gold so demand falls. Gold also does not offer yields so rising US Treasury yields make gold less attractive.

However, lower interest rates will make the US dollar and US Treasury yields weaken, thereby reducing the opportunity cost of holding gold. So gold becomes more interesting to collect.

CNBC Indonesia Research

[Gambas:Video CNBC]

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