Jakarta, CNBC Indonesia – PT Aneka Tambang (Persero) Tbk’s precious metal gold price rose today. However, to penetrate Rp. 1 million/gram, it seems that it is still far from being burnt.
On Saturday (10/23/2021), the price of Mula Metal was at Rp 928,000/gram. Up Rp 3,000 from the previous day.
While the repurchase price (buyback) is IDR 815,000/gram. Up Rp 4,000 compared to yesterday.
Antam’s Precious Metals price will move in line with the dynamics of world gold prices. This month, the world gold price ‘forecast’ is flat.
“Gold prices fell 3% last month, and for October 2021 it looks like it will move flat. Gold prices will be restrained by the strengthening trend of the United States (US) dollar and fears of accelerated monetary policy normalization,” wrote Shrea Paul, Refinitiv Analyst, in his research.
In the future, continued Paul, the fate of gold prices will be determined by the direction of monetary policy, especially in the US. If the signal of a reduction in the ‘dose’ of buying assets or tapering The Federal Reserve / The Fed is getting stronger, then the US dollar will be more powerful and suppress the price of gold.
However, there are new developments that will also affect the price of gold, namely the energy crisis in various countries. The high price of energy commodities will accelerate the rate of inflation.
When inflation gets higher, gold will benefit. This is because gold is an asset that is ‘immune’ to inflation, so it tends to be the choice of market participants.
For this month, Paul estimates the gold price support level will be in the range of US$ 1,680-1,635/troy ounce. Meanwhile, the resistance level is in the range of US$ 1,795-1,833/troy ounce.
CNBC INDONESIA RESEARCH TEAM
(aji / aji)
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