Jakarta, CNBC Indonesia – The price of Precious Metal gold produced by PT Aneka Tambang Tbk on Tuesday (6/25/2024) at the LM Graha Dipta Pulo Gadung gold boutique strengthened. The price of gold was recorded at IDR 1,368,000 or up IDR 8,000 per gram.

So is the price buyback (the price used when selling gold back) is at Rp1,242,000 per gram or up Rp7,000.

The price of Antam gold which has increased is inversely proportional to the world gold price which has depreciated at the start of trading today. Based on Refinitiv On Tuesday (25/6/2024) at 08:45 WIB, the world gold price on the spot market fell 0.38% to US$2,324.87 per troy ounce.

The current gold price fluctuation is occurring amidst the anticipation of the latest inflation data with the United States (US) Personal Consumption Expenditure Index (PCE) this Friday.

Quoted from Kitcocommodity analysts at TD Securities wrote that the gold market is vulnerable to the timing of a Federal Reserve rate cut. Analysts see near-term downside risks if inflation is higher than expected.

“The yellow metal could plunge more than US$100+ if the progress made in inflation stalls or if US economic data continues to surprise to the upside, prompting the Fed to signal a more hawkish stance,” Bart Melek, Head of Commodity Strategy at TD Securities, wrote in a report.

However, any weakness in the gold market is expected to be short-lived as the Bank of Canada sees gold prices eventually moving higher by year-end.

CNBC INDONESIA RESEARCH

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