Jakarta, CNBC Indonesia – In the midst of the threat of a global recession, gold investment should be one of the first ladies. A number of countries, including China, have flocked to buy this “bubbly” commodity.
The Central Bank of China (People’s Bank of China / PBOC) has been buying large quantities of gold over the past two months. The World Gold Council (WGC) on Friday (6/1/2023) reported that the central bank of China (PBoC) bought 32 tons of gold in November 2022.
The PBOC’s gold purchase is the first time since September 2019 or more than three years ago.
Then, at the end of last week, the PBoC announced the purchase of 30 tons of gold in December 2022. Thus, in two months, the PBoC bought 62 tons of gold.
Not only China, other central banks also bought gold last year. WGC reported that the purchase amount was the largest in 55 years.
In the first week of 2023, world gold prices immediately increased by 2.3%. Likewise with PT Aneka Tambang Tbk (ANTM) gold price. Antam gold price skyrocketed on Saturday (01/07/2023). In fact, its current position has shot up to its highest level in 10 months.
According to data from PT Antam’s official website, Logammulia.com, 1 gram of gold costs Rp 1,032,000/bar on Saturday (01/07/2023), up 1% from the previous day.
Antam’s gold price surge followed global gold as it jumped 1.77% to US$1,865/troy ounce, its highest level since June 2022.
With signs that the US is entering a recession strengthening, the Fed is also expected to reduce its aggressiveness in raising interest rates. As a result, world gold prices rose by 2.26% in the past week and hit their highest level since June 2022.
So what is the gold price projection for 2023?
Antam’s director of operations and production I Dewa Bagus Sugata Wirantaya said that gold sales in 2023 have a tendency to increase as it did in 2022.
Please note that Antam’s gold sales in 2022 have reached a record high.
“There tends to be an increase, for example Antam sales in 2022 reach the highest sales of all we get,” he said on the CNBC program Indonesia Mining Zone, quoted on Monday (9/1/2023).
It also estimates that the price of gold will also increase in 2023. This is considering the global geopolitical situation and the imminent threat of a global recession. According to him, investing in gold is an investment with minimal risk, so investors are currently on the hunt for gold and are driving up gold prices this year.
“The price of gold is rising, it will also be pushed up, and the high demand in society will cause the value of gold to also rise. It can be said that there is a trend that tends to rise, so in 2023, gold investment still has very good investment opportunities,” Dio explained.
Dewa said that the global gold price was influenced by three factors, namely the global economic market, then exchange rates (currency exchange rates), and finally supply and demand (request).
“What is certain is that global gold is very volatile with three factors. The first is the conditions of the global economic market, the second is related to the exchange rate, then the third is related to the supply And request,” he said.
He said the projection of gold price increases in 2023 is partly because gold itself is an inflation-resistant investment or safe haven. Therefore, investors will tend to choose investments with minimal risk in the face of the threat of the current global recession.
“As I said before, gold is a valuable asset refuge even as interest rates have risen, people, consumers, tend to choose investments, buoyed again by the expected 2023 economic downturn. So people tend to see demand for increased gold purchases still up for investment,” he said.
Meanwhile, Bank Mandiri industry analyst Ahmad Zuhdi said the price of gold is expected to rise to an average of more than US$1,900 per troy ounce in 2023.
“If the market tends to be bullish, we will see that in 2023, on average, it will be above US$1,900 (per troy ounce). Meanwhile, consensus analysts show that gold prices tend to be lower, worth say around US$1,830 on average and will continue to decrease until 2018. 2025, while if the market sees it, it will continue to rise until 2025,” Zuhdi said on the same occasion.
As is known, the price of gold at LM Graha Dipta Pulo Gadung gold boutique, which measures 1 gram, skyrocketed from IDR 7,000 to IDR 1,031,000 per stick.
As quoted from data on Logam Mulia’s official website, Antam’s gold buyback price (the price used to sell gold again) is set at IDR 934 thousand per gram. That price has soared to Rp 9,000 per gram since last week’s trading.
Next article
Mother, Antam gold price has dropped to IDR 9,000, can you buy it?
(Street)
