Jakarta, CNBC Indonesia – The price of Precious Metals gold produced by PT Aneka Tambang Tbk on Tuesday (15/8/2023) at the LM Graha Dipta Pulo Gadung gold boutique fell by IDR 1,000 to IDR 1,060,000 per gram.
While the price buyback (the price used when selling gold again) also fell Rp. 1,000 to Rp. 939,000 per gram.
“The resale price is the same for all fractions and the year of production. For buyback transactions, please contact the nearest LM Gold Boutique with service hours on Monday-Friday weekdays. Payments are made by transfer on H+2 to H+3 (weekdays) “If the packaging is damaged or lost, it will be deducted according to the terms and conditions that apply,” explained the statement on Antam’s website.
The following is Antam’s gold price as of Tuesday (15/8/2023):
The price of gold on the spot market on Monday trading (14/8/2023) closed at US$ 1,907.91 per troy ounce. The price weakened 0.28%.
The dollar index shot up to 103.19 in yesterday’s trading, its strongest position since July 5, 2023.
Yields on 10-year US government bonds also shot up to 4.182% in yesterday’s trading. This position is the highest in the last seven trading days.
The dollar and yields strengthened as market participants increasingly believed that the US central bank The Federal Reserve (The Fed) would maintain its hawkish policy.
The reason is, US inflation actually increased to 3.2% (year on year/yoy) in July, from 3.0% (yoy) in June.
The strengthening of the US dollar makes gold even more expensive making it unaffordable to buy. Gold also does not offer yields so that the increase in US government debt yields makes gold unattractive.
CNBC INDONESIA RESEARCH
Soaring High, Antam’s Gold Price Is Increasingly Difficult to Buy