Jakarta, CNBC Indonesia – The price of precious metal gold produced by PT Aneka Tambang Tbk (Antam) was observed to have not changed in trading Monday (8/1/2023). Today's trading shows that Antam's gold price has been stagnant for three days in a row.

The price of Antam gold on Monday (8/1/2023) at the LM Graha Dipta Pulo Gadung gold boutique again remained unchanged, remaining at IDR 1,128,000. This position puts Antam's gold price at IDR 17,000 cheaper compared to its all-time high on December 4 2023 at IDR 1,145,000.

Antam's gold buyback price was also stagnant in position IDR 1,026,000 today.

Throughout 2024, Antam's gold price will still be at a high level due to movements in global gold prices. Global gold prices weakened at the start of trading today while starting the week badly as the dollar and US Treasury yields strengthened. Gold prices are projected to be volatile this week due to waiting for United States (S) inflation data.

In trading Friday (5/1/2024) the price of gold on the spot market closed up 0.11% at US$ 2045.49 per troy ounce.

Gold held steady and rose slightly in trading Friday after rising and falling one percentage point on mixed US economic data, but bullion is expected to suffer its first weekly decline in four weeks on overall dollar strength and higher US Treasury yields.

The US 10-year Treasury yield has returned to the psychological 4% level at 4.05%. Yields on the U.S. dollar and 10-year U.S. Treasury bond have hit three-week highs, heading for their best weeks since July and October.

US companies hired more workers than expected last month and raised wages quickly, so markets initially pulled back on speculation that the Federal Reserve (The Fed) would start cutting interest rates in March.

However a weak report from the Institute for Supply Management (ISM) showing employment in the services sector fell to 43.3 in December to its lowest level since July 2020 raised the prospect of a rate cut slightly, before settling slightly.

The ISM non-manufacturing Purchasing Managers' Index fell to 50.6 last month from 52.7 in November. A number above 50 indicates expansion and a number below this number indicates contraction.

CNBC INDONESIA RESEARCH

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