Jakarta, CNBC Indonesia – The purchase price of gold bullion sold by PT Antam Tbk. (ANTM) went down in trading today, Saturday (22/4/2022).
Launching data from the official website belonging to Antam, logammulia.com, the price of 1 gram of gold bullion is at Rp. 989,000/bar, down by Rp. 8,000/gram or 0.8% from the previous position.
Following the purchase price, the buyback price (the price used when consumers sell gold to investors) Antam) also weakened. In today’s trading, the buyback gold price was recorded at the level of Rp. 893,000/gram, down by Rp. 8,000.
Gold selling price Antam today is approaching the lowest level in April, namely at the price of Rp. 983,000/gram on April 6.
“The resale price is the same for all shards and years of production. For transaction buyback please contact the nearest LM Gold Boutique with service hours on weekdays Monday-Friday. Payment is made by transfer on D+2 to D+3 (working days). If the packaging is damaged or lost, it will be subject to a discount in accordance with the applicable terms and conditions,” explained the statement on the website Antam.
Gold price Antam which weakened was influenced by the world benchmark gold price. Yesterday, the spot market benchmark world gold price closed down 1.12% at US$ 1,929.73/troy ounce.
This decline was partly influenced by sentiment from Federal Reserve (The Fed) Chairman Jerome Powell’s statement which indicated that the US central bank was preparing to raise interest rates at its May meeting. At the next meeting, investors expect interest rates to rise 50 basis points (bps).
The prospect of an increase in interest rates is a breath of fresh air for the US dollar, which surged to its highest level in more than 2 years. The dollar’s surge impacted fellow safe-haven assets, namely gold, which posted a decline.
The statement with a hawkish tone also boosted the yield of US government debt with a tenor of 10 years. Yield soared to 2.9% on Friday (21/4), the highest level since December 2018.
Gold is very sensitive to rising US government bond yields because gold does not offer yields. Meanwhile, rising interest rates increase the opportunity cost of holding gold bullion.
Brian Lan, from Gold Silver Central, said gold may not be getting much attention because it has passed the point psychological at US$ 2,000. For the record, gold penetrated the level of US $ 2,000 and closed at US $ 2,052.41 per troy ounce on March 8 last.
CNBC INDONESIA RESEARCH TEAM
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