Shame on Cats, Antam Gold Price Increases by Only IDR 1,000 Today My Money – 1 day ago

Jakarta, CNBC Indonesia – The price of precious metal gold produced by PT Aneka Tambang Tbk on Monday (29/1/2024) at the LM Graha Dipta Pulo Gadung gold boutique rose by IDR 1,000 per gram to IDR 1,133,000.

Likewise with prices buyback (the price used when reselling gold) remains at IDR 1,029,000 per gram.

Throughout the week, it fell 0.53% while continuing two consecutive weeks of poor weekly performance.

Gold was under pressure due to the release of American economic data which caused market expectations to fluctuate regarding the Fed's monetary policy.

The CME FedWatch Tool predicts the Fed will hold interest rates at 5.25-5.50% at its January 30-31 meeting and forecasts an 89% rate cut in May 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 strengthening 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 make the US dollar and US Treasury yields weaken, thereby reducing the opportunity cost of holding gold. So gold becomes more interesting to collect.

CNBC Indonesia Research

[Gambas:Video CNBC]

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