Jakarta, CNBC Indonesia – The price of gold produced by PT Aneka Tambang (Antam) Tbk. or known as Antam gold was observed to be stable again on Wednesday (11/12/2024), after strengthening yesterday.
Quoting data from PT Antam’s official website, logammulia.com, at the LM Graha Dipta Pulo Gadung Jakarta gold boutique, the price of 1 gram gold today is priced at Rp 1,517,000/bar, the same as in yesterday’s trading.
Meanwhile, the buyback price of Antam gold in the morning today is at Rp 1,384,000 per gram, up Rp 19,000 from yesterday’s trading position.
Here are the prices of Antam gold today:
The stable prices of Antam gold occur amidst the resurgence of global gold prices in yesterday’s trading. In fact, yesterday, global gold prices hit their highest level in the past two weeks.
Referring to Refinitiv data in yesterday’s trading, world gold prices closed up 1.31% at US$ 2,693.64 per troy ounce. While in Wednesday’s morning trading around 08:40 WIB, gold tends to strengthen again by 0.28% to US$ 2,701.19 per troy ounce.
Gold strengthens again amidst the escalating tensions in the Middle East. The Middle East has heated up again after Israel attacked Syria, reaching about 25 km (16 miles) southwest of Damascus. This happened after Israel seized buffer zones in southern Syria and launched air strikes on Syrian military and air bases.
According to Reuters yesterday, Syrian security sources said Israeli forces reached Qatana, which is 10 km (six miles) into Syrian territory east of the demilitarized zone separating the Israeli-occupied Golan Heights from Syria.
Regional security sources and officials in the now fallen Syrian army said Israel’s intense air strikes continued against military installations and air bases throughout Syria last night.
Gold is considered a safe investment during ongoing economic and geopolitical turmoil and tends to thrive in a lower interest rate environment.
On the other hand, the market is currently focused on the release of the US Consumer Price Index (CPI) data, which is expected to rise by 0.3% in November, according to a Reuters survey. This data is important to watch as it can influence the decision of the US central bank (Federal Reserve/The Fed) to cut interest rates.
So far, according to CME FedWatch, the market probability of The Fed cutting its benchmark interest rate again is still quite high, reaching 8.61%.
