Jakarta, CNBC Indonesia – The price of gold bullion sold at PT Pegadaian was observed to tend to be stable on Sunday trading (12/5/2024).

Pegadaian itself sells various types of gold, namely Antam, UBS and Galeri24 gold. The sizes are sold in various sizes, ranging from 0.5 grams to 1,000 grams.

According to data from the official Pegadaian website today, the price of 1 gram of Antam gold is priced at IDR 1,367,000, still the same or stagnant from last Saturday's price position.

Meanwhile, the price of UBS gold issued by PT Untung Bersama Sejahtera, where the price for 1 gram today reached IDR 1,332,000, is also the same as yesterday, aka stable. UBS gold is available in sizes from 0.5 grams to 500 grams.

Meanwhile, for Galeri24 gold, the price for 1 gram today is IDR 1,324,000 or stable from last Saturday's position.

Previously, on Saturday, the price of gold at Pegadaian strengthened along with world gold flying throughout this week. On the last trading day, Friday (10/5/2024) the spot gold price rose 0.61% to US$2,360.14 per troy ounce. Meanwhile, the week's performance rose 2.55%.

The soaring global gold price occurred after the release of data on unemployment claims from the United States (US), which rose again.

The Department of Labor released initial claims for US unemployment benefits which increased by 22,000 to 231,000 for the week ending May 4 2024. This number was higher than the number of unemployment claims in the previous week, which was 215,000.

This increase in the number of unemployment claims also maintains expectations that the US central bank (Federal Reserve/The Fed) will cut interest rates at least once this year.

Financial markets expect the US central bank to start reducing interest rates in September.

Lower interest rates generally tend to increase the appeal of gold bullion because it does not carry interest.

Investors are now looking forward to the US producer price index and consumer price index data due next week, both of which could have a significant impact on gold and silver prices.

CNBC INDONESIA RESEARCH

[email protected]

[Gambas:Video CNBC]

(chd/chd)