Jakarta, CNBC Indonesia – Price of gold produced by PT Aneka Tambang (Antam) Tbk. or what is known as Antam gold, was observed to rise slightly in trading on Tuesday (12/3/2024).
According to data from the official PT Antam website, metalmulia.com, At the LM Graha Dipta Pulo Gadung gold boutique, the price of 1 gram of gold today is IDR 1,210,000/piece, an increase of IDR 2,000 per gram from yesterday's price (11/3/2024).
On the same hand, Antam's gold buyback price was set at IDR 1,103,000 per gram, an increase of IDR 2,000 on previous trading.
This relatively stagnant world gold price occurs amidst market players' wait-and-see attitude regarding United States (US) inflation data which will be released tonight.
Inflation is estimated to stagnate at 3.1% year on year/yoy in February 2024 while core inflation is expected to slope to 3.7% yoy or 0.2 percentage point lower compared to the previous period.
Apart from that, central bank purchases also support the increase in gold prices. Reflecting bullish sentiment, COMEX gold speculators increased their net long positions by 63,018 contracts to 131,060 in the week ended March 5, according to data on Friday last week.
CNBC INDONESIA RESEARCH
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