Jakarta, CNBC Indonesia – The price of gold precious metal produced by PT Aneka Tambang (Antam) aka Antam’s gold is still at a high level above Rp 1 million / gram in this week’s trade in line with the high price of world gold on the global spot market, although it sometimes fluctuates. Fears of a global recession have triggered an upward trend in world gold prices.
Launching data from the official website logammulia.com, on trading last Saturday (5/9/2020), Antam’s gold price for 1 gram fell by IDR 1,000 to IDR 1,020,000 / gram.
As for Antam’s gold price, which is the reference, with a weight of 100 grams, the price is IDR 96,212,000 / stick or IDR 962,120 / gram.
Within a week, Antam’s gold price increased by IDR 8,000 from IDR 1,012,000 / gram to IDR 1,020,000 / gram.
On the other hand, within a week the world gold price on the spot market actually fell 2% to US $ 1,932.45 / troy ounce although it was still considered high.
In the period 28 August – 4 September, gold prices were at the highest level of US $ 1,970 on 1 September and the lowest at US $ 1,930 on 3 September.
Gold prices have risen 27% so far, helped by near-zero interest rates globally and ultra accommodative monetary policy, especially from the Fed (US central bank), and high demand for assets. safe-haven like gold, driven by the bleak economic picture due to the Covid-19 pandemic.
In response to this, Frank Holmes, CEO of US Global Investors, assessed that the high volatility of gold lately does not reflect that gold prices are in a downtrend and should be used to take buying action.
“The volatility of gold is an opportunity to buy on a dip. You are wrong if you don’t buy gold,” Holmes said when interviewed by Kitco, quoted on Sunday (6/9/2020). Holmes predicts the price of gold will reach US $ 4,000 / troy ounce within the next 2 to 3 years.
CNBC INDONESIA RESEARCH TEAM
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