Middle East Still Hot, Antam Gold Soars IDR 9,000 Today My Money – 20 hours ago

Jakarta, CNBC Indonesia – The price of precious metal gold produced by PT Aneka Tambang Tbk on Tuesday (30/1/2024) at the LM Graha Dipta Pulo Gadung gold boutique rose by IDR 9,000 per gram to IDR 1,142,000.

Likewise with prices buyback (the price used when reselling gold) remains at IDR 1,038,000 per gram.

Antam gold strengthened as world gold rose in Monday's trading (29/1/2024).

In trading Monday (29/1/2024) the price of gold on the spot market closed up 0.66% at US$ 2031.58 per troy ounce.

This strengthening is due to increasing tensions in the Middle East increasing demand for safe-haven assets, while the market is also waiting for the Federal Reserve (The Fed) policy decision at the end of this week to get further clues regarding the timing of the first US interest rate cut this year .

Washington is weighing its response to the first deadly attack on its troops in the Middle East since the Gaza war began after a drone strike in northeastern Jordan at the weekend killed three US soldiers and wounded at least 34 people.

“This has raised tensions in the Middle East even higher, and that's what's causing money to move into the gold and silver markets based on safe-haven demand,” said Jim Wyckoff, senior analyst at Kitco Metals, as reported by Reuters.

Uncertainty about the economy and falling US interest rates could push gold prices to a record in 2024.

Gold prices are very sensitive to movements in US interest rates. An increase in US interest rates will make the US dollar and US Treasury yields strengthen. This condition is not beneficial for gold because the stronger dollar makes it difficult to buy gold so demand falls. Gold also does not offer yields so rising US Treasury yields make gold less attractive.

However, lower interest rates will weaken the US dollar and US Treasury yields, thereby reducing the opportunity cost of holding gold. So gold becomes more interesting to collect.

CNBC Indonesia Research

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