Jakarta, CNBC Indonesia – The price for Precious Metals gold produced by PT Aneka Tambang Tbk on Monday (21/8/2023) at the LM Graha Dipta Pulo Gadung gold boutique was stable at IDR 1,057,000 per gram.
While the price buyback (the price used when selling gold again) also rose Rp. 3,000 to Rp. 936,000 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 Monday (21/8/2023):
The price of gold is still prone to shocks, because there will be a speech by the Chairman of the Fed, Powell. Market participants are waiting for Powell to give any signal regarding future interest rate policy.
The price of gold is very vulnerable to rising interest rates. If interest rates rise then the dollar will soar so that gold is less attractive because gold is increasingly unaffordable to buy and gold is an asset without returns.
Powell will deliver his speech at the Jackson Hole Economic Symposium, in Wyoming, for three days, on Friday (25/8) in Jackson Hole.
He will provide his latest views on whether more policy tightening is needed to bring down inflation amid very strong economic growth, or start considering keeping interest rates on hold.
Meanwhile, concerns about China’s economy are expected to restrain the weakening of gold prices.
Reuters reported that physical sales of premium gold in China jumped to their highest level since December 2016 this week. The surge in purchases occurred because people began to worry about China’s economic condition.
Gold is a safe asset to look for in times of economic and political uncertainty, so it’s no wonder that demand for it has increased in China. If China’s economic uncertainty continues to increase, it is unlikely that demand for gold will accelerate.
CNBC INDONESIA RESEARCH
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