Jakarta, CNBC Indonesia – The price of precious metal gold produced by PT Aneka Tambang Tbk on Wednesday (24/4/2024) at the LM Graha Dipta Pulo Gadung gold boutique fell by IDR 5,000 to IDR 1,320,000.

This price decline occurred for three consecutive days after the Antam gold price broke through the level All Time High last week. In three days, the price of Antam gold has fallen by IDR 27,000 per gram.

Likewise for prices buyback (the price used when reselling gold) fell by IDR 5,000 compared to the previous day to IDR 1,218,000 per gram.

Antam's gold price continues to correct in line with world gold prices which also shrank yesterday.

Launching data Refinitiv, in trading Tuesday (23/4/2024) the price of gold ended at US$ 2,321.81 per troy ounce, down 0.19% compared to the previous day. Yesterday's closing position was the lowest since April 4 2024 or almost 3 weeks.

Cooling gold prices were influenced by geopolitical tensions in the Middle East that began to ease after Iran downplayed Israel's attack on its territory last week and said it had no plans to respond.

Gold is a safe asset so it is sought after when geopolitical tensions increase, as happened in the Middle East last week.

“Risks related to uncertainty in the Middle East have subsided. This condition makes the market busy selling gold. The question is, how long will gold prices weaken?” said analyst from TD Securities, Daniel Ghali, quoted from Reuters.

CNBC INDONESIA RESEARCH

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