Jakarta, CNBC Indonesia – The price for Precious Metals gold produced by PT Aneka Tambang Tbk on Monday (28/8/2023) at the LM Graha Dipta Pulo Gadung gold boutique remained at IDR 1,065,000 per gram.
While the price buyback (the price used when selling gold again) was stable at IDR 945,000 per gram.
Even though it has been stagnant in today’s trading, Antam’s gold price has strengthened by IDR 12,000 for five trading days.
“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 (28/8/2023):
Gold prices this week will be overshadowed by sentiment from the impact of Powell’s speech, US unemployment data, and the Chinese economy.
Powell in his speech last Friday (25/8/2023) reminded that the Fed’s task is to reduce inflation to reach the target of 2℅, unchanged from the previous target.
Market players then anticipate the potential for an interest rate hike of 25.bps at the next September meeting.
A survey from the CME FedWatch Tool shows that 80.5% of market participants believe the Fed will maintain interest rates in September while 19.5% expect an increase of 25 bps. The number that predicts a much faster increase compared to before Powell’s speech was in the range of 11.5%.
Apart from the US, market players will also consider developments in China. The weakening of the Chinese economy is still in the global spotlight given China’s large role in the global economy.
China is the biggest consumer of gold so developments there will determine global gold prices.
China on Friday this week will announce August Manufacturing PMI data. China’s PMI has been in a contraction phase for the fourth month in a row. If the PMI contracts again, global and Indonesian financial markets could be disrupted given China’s large role in the world economy.
CNBC INDONESIA RESEARCH
Global Gold Record, Antam’s Gold Price Today Is Reckless