Jakarta, CNBC Indonesia – Price of gold produced by PT Aneka Tambang (Antam) Tbk. or what is known as Antam gold, was observed to strengthen again and set another record high on Wednesday (3/4/2024).

Antam's gold price has continued to set records in the last four days in line with the soaring world gold.

According to data from the official PT Antam website, metalmulia.comat the LM Graha Dipta Pulo Gadung gold boutique, the price of 1 gram of gold today is IDR 1,274,000/piece, a significant increase of IDR 18,000 per gram from last Tuesday's price.

On the same hand, the repurchase price or buyback Antam gold is set at IDR 1,168,000 per gram, also a significant increase of IDR 20,000 per gram from yesterday's price position.

The following is a graph of Antam's gold price movements:

As is known, Antam's gold price previously set a record high in history at IDR 1,256 million per gram last Tuesday. With this, Antam's gold price has set a record high for three consecutive days.

Antam's gold price movements still follow world gold price movements. In trading last Tuesday, World gold prices closed up 1.32% at US$ 2,280.08 per troy ounce.

Meanwhile, this morning as of 08:40 WIB, world gold prices tended to rise slightly, namely up slightly by 0.09% to a price of IDR 2,282.14.

Some observers believe that demand for gold is increasing due to the warming situation in the Middle East, where An Israeli missile managed to hit the Iranian Consulate in Damascus. The Britain-based Syrian Observatory for Human Rights said 11 people were killed in the attack.

Iran said that several long-time diplomats were killed along with Brigadier General Mohammad Reza Zahedi and Zahedi's deputy, General Haji Rahimi. It was also reported that Brigadier General Hossein Amirollah, chief of the general staff of al-Quds forces in Syria and Lebanon, was among the victims.

Iran also vowed revenge against Israel for the air attack on the Iranian embassy complex in Damascus.

Apart from that, the latest increase in gold prices may also be related to transactions short-covering carried out by para traders gold.

Ole Hansen of Saxo Bank said buy offers from retail banks and central banks were followed by momentum-following speculators who had extended their long positions after gold broke above the psychological level of US$ 2,200.

A combination of encouragement bullish has also pushed gold bullion prices nearly 10% higher so far this year.

“What makes gold's rally so unusual is that it occurred despite significant headwinds such as a rising US dollar, rising Treasury yields, the possibility of higher US interest rates in the longer term,” said independent analyst Ross Norman, reported from CNBC International.

The increase in gold prices occurred amidst the decline in the dollar index yesterday. On Tuesday, the US dollar index (DXY) was at 104.82, down 0.19% from last Monday's position at 105.02.

Investors have also begun to reduce speculation of an interest rate cut at the June meeting to 58%, compared to around 60% before the data was released, which under normal circumstances, should have put downward pressure on bullion prices without yield. However, in fact, this does not affect gold price movements.

“While the gold market remains in a very bullish mood, it may need to consolidate amid a shift back to a more hawkish to the Fed's policy, said Tai Wong, traders New York-based independent metal, reported by CNBC International.

CNBC INDONESIA RESEARCH

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