Antam Gold Owners Can Party, Price Soars IDR 14,000/Gram My Money – 1 day ago

Jakarta, CNBC Indonesia – The price of Precious Metal gold produced by PT Aneka Tambang Tbk on Tuesday (4/6/2024) at the LM Graha Dipta Pulo Gadung gold boutique was recorded at IDR 1,349,000, an increase of IDR 14,000 per gram.

Likewise with prices buyback (the price used when reselling gold) was at Rp. 1,232,000 per gram, soaring to Rp. 12,000.

Antam's gold price strengthened as world gold soared. Based on data Refinitiv Spot gold prices rose 1% to $2,350.35 per troy ounce in trading Monday (3/6/2024), after posting a 2% increase last month. The price reached an all-time high of $2,449.89 on May 20.

Data showed US manufacturing activity slowed for the second month in a row in May, and US construction spending fell unexpectedly for the second month in a row in April due to a decline in non-residential activity.

The dollar fell to its lowest level in three weeks against its rivals, making gold more attractive to holders of other currencies, while benchmark U.S. Treasury yields fell to their lowest level in two weeks after weak manufacturing data.

Traders are currently pricing in a 59% chance of a Fed rate cut in September, according to the Fedwatch tool. Lower interest rates reduce the opportunity cost of holding non-yielding bullion.

CNBC Indonesia Research

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After Antam's record gold price discount of IDR 10,000/gram, is it time to buy?