Jakarta, CNBC Indonesia – The price of precious metal gold produced by PT Aneka Tambang Tbk on Monday (11/9/2023) at the LM Graha Dipta Pulo Gadung gold boutique rose by IDR 1,000 to IDR 1,070,000 per gram.
Meanwhile price buyback (the price used when reselling gold) did not move, remaining at IDR 951,000 per gram.
“The resale price is the same for all denominations and years of production. For buyback transactions, please contact the nearest LM Gold Boutique with service hours on Monday-Friday working days. Payment is made by transfer on H+2 to H+3 (working days) “If the packaging is damaged or lost, a deduction will be charged in accordance with the applicable terms and conditions,” explained the statement on the Antam website.
The following is Antam’s gold price as of Monday (11/9/2023):
Gold prices are prone to shocks this week ahead of the US inflation announcement for the August period on Wednesday (13/9/2023).
Launching dataTrading Economicsheadline inflation is expected to jump to 3.6% on an annual basis (year-on-year/yoy) in August 2023, from the previous month of 3.2% yoy.
If general inflation rises according to estimates, this will be the second increase after reaching a low of 3% yoy last June.
Meanwhile, core inflation is expected to decline to 4.3% yoy compared to the previous month’s 4.7% yoy. Even though it is sloping, overall general and core inflation is still far from the target of the US central bank, The Federal Reserve (The Fed), at around 2%.
If inflation is above market expectations, market players’ hopes of seeing interest rate easing are increasingly distant.
The CME Fedwatch tool shows 93% of investors believe the Fed will hold its benchmark interest rate at 5.25%-5.5% at its September meeting. However, 42% expect an increase in interest rates of 25 bps.
“If the data worsens and pushes the Fed stillhawkishthen that would be the worst thing for gold,” said Ilya Spivak, Tastylive analyst, as quotedReuters.
CNBC INDONESIA RESEARCH
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