Jakarta, CNBC Indonesia – The price of gold bullion sold at PT Pegadaian soared in trading today, Saturday (9/3/2024).

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

In today's trading, eAntam's mas mold weighing 1 gram is priced at IDR 1,235,000, an increase of IDR 6,000 from yesterday's price. This gold is available in sizes/units of 0.5 grams to 1,000 grams.

Meanwhile, the price of UBS cast gold of the same weight was sold for Rp. 1,204,000, an increase of Rp. 1,000 from the price one day earlier. UBS gold itself is available in complete sizes ranging from 0.5 grams to 500 grams.

Movements in the price of gold sold at Pegadaian are influenced by the dynamics of world gold prices.

The world gold price last Friday (8/3/2024) broke another record in position US$ 2,177.51 per troy ounce. This gold record throughout history has been set for six consecutive days.

The first record was broken since Friday (1/3/2024) last week where global gold jumped to 2083.39, replacing the previous record which occurred on December 27 2023, namely US$ 2,077.16 per troy ounce.

The strengthening of gold prices was driven by increases speculation of United States (US) monetary easing added to the ongoing boost to bullion from central bank buying and safe-haven demand.

Chairman of the US central bank The Federal Reserve (The Fed) Jerome Powell said the Fed was “not far” from gaining enough confidence that inflation was heading towards the 2% target set by the Fed to be able to start lowering interest rates.

According to the CME's Fedwatch Tool, market players currently estimate a 74% chance of a rate cut in June, compared to around 63% on February 29.

CNBC INDONESIA RESEARCH

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