Jakarta, CNBC Indonesia – The price of gold produced by PT Aneka Tambang (Antam) Tbk. or known as Antam gold was observed to strengthen on Tuesday’s trading (10/12/2024), after being stable for three days.
According to data from PT Antam’s official website, logammulia.com, at the LM Graha Dipta Pulo Gadung Jakarta gold boutique, the price of 1 gram of gold today is priced at Rp 1,517,000 per bar, up Rp 9,000 from the previous Monday’s trading position.
Meanwhile, the buyback price of Antam gold in the morning today is at Rp 1,365,000 per gram, up Rp 14,000 from yesterday’s trading position.
Here are the prices of Antam gold today:
The strengthening of Antam gold prices is happening amidst the enthusiasm of global gold prices in yesterday’s trading until today.
Referring to Refinitiv data on yesterday’s trading, the world gold price closed up 1% at US$ 2,659.19 per troy ounce. Meanwhile, in Tuesday morning’s trading around 08:40 WIB, gold was observed to rise 0.1% to US$ 2,661.87 per troy ounce.
The supporting sentiment for global gold prices is the action of the People’s Bank of China (PBoC) which recently started buying gold. PBoC stated that they bought 160,000 ounces of pure gold last month.
This addition is the first since last April, before the central bank stopped buying for 18 months, which has helped support prices amidst strong demand from global public institutions.
The resumption of purchases by China can support investor demand in the country. Strong gold purchases by PBoC have played a major role in supporting this year’s record gold rally, in addition to monetary policy easing and geopolitical tensions.
On the other hand, the prospect of a rate cut by the US Federal Reserve (The Fed) also supported gold yesterday.
The US Fed started a rate cut cycle with a 50 basis point cut in September, followed by a 25 basis point cut in November.
Now, the chances of further cuts are estimated at 86% by market participants, based on CME FedWatch tools.
