US Economy Booms, Antam Gold Prices Follow My Money – 3 days ago

Jakarta, CNBC Indonesia – The price of precious metal gold produced by PT Aneka Tambang Tbk on Friday (22/12/2023) at the LM Graha Dipta Pulo Gadung gold boutique rose by IDR 7,000 to IDR 1,128,000.

Likewise with prices buyback (the price used when reselling gold) was at IDR 1,025,000 per gram, an increase of IDR 7,000.

Antam's gold price was driven by the soaring increase in world gold prices. In trading on Thursday (21/12/2023) the price of gold on the spot market closed up 0.80% at US$ 2045.49 per troy ounce. This closing position is the highest since December 1, 2023 or the last 14 trading days.

Gold prices rose in trading Thursday due to the weakening of the dollar after US economic data sparked expectations that the US central bank, The Federal Reserve (The Fed) would cut interest rates in March next year.

The US reported its economic growth rate recorded 4.9% annualized in the third quarter of 2023, slightly below the 5.2% in the second estimate. The downward revision to economic growth reflected a downgrade in consumer spending and inventory investment.

However, the US also reported that initial claims for US unemployment benefits only increased by 2,000 to 205,000 for the week ending December 16. Economists polled by Reuters had expected 215,000 claims in the final week.

Unadjusted claims fell 9,225 to 239,865 last week as big declines in California and Georgia more than offset big increases in Ohio.

The CME FedWatch tool estimates the odds of a Fed rate cut in March 2024 at 83%, compared with 79% before the data was released.

The following is Antam's gold price as of Friday (22/12/2023):


[Gambas:Video CNBC]

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Down for four days in a row, Antam's gold price takes a break