Jakarta, CNBC Indonesia – Price gold In the national primary market this week weakened by Rp. 8,000 per gram, or 0.8%, in line with the world gold price which was also depressed by 0.9% or US $ 0.56 (equivalent to Rp. 7942.26) per gram.
The selling price of the precious metal on the website of PT Aneka Tambang Tbk (Antam) on Friday (20/11/2020) was flat at the level of IDR 973,000 / gram. However, on Saturday, Antam’s gold price rose 0.41 percent or Rp 4,000 per gram to the level of Rp 977,000.
Thus, on a weekly basis, the price of gold per Saturday was calculated to weaken by Rp. 8,000 / gram, compared to the position of the previous Saturday of Rp. 985,000 / gram. This is the second weekly decline, after falling 1.9% the previous week or Rp 19,000 / gram.
In the world spot market, the price of gold is also low on a weekly basis. On Friday, citing Revival data, the price of gold was at the level of US $ 1,870.49 per troy ounce, down 0.05 percent from Thursday’s position (US $ 1,867.4), and by 0.9 percent compared to last Friday (US $ 1,888).
The weekly correction also continues the weakness that occurred a week earlier at 3.25%. Last weekend, gold was on the spot market and in outlets Antam were both displaced from their highest psychological levels, namely US $ 1,900 / troy ounce and Rp.1 million / gram, respectively.
The positive news of the successive development of the Covid-19 vaccine announced by three major pharmaceutical companies has triggered the weakening of the price of this risk-less asset. The reason is, if a vaccine is found, the economy will run normally again, so that the luster of gold as a hedging asset (from the risk of economic crisis) will fade away.
The pharmaceutical company Moderna showed an efficacy rate (percentage of volunteer vaccine recipients who successfully formed antibodies) of 94.5%.
This success amplified the optimism the previous week when US pharmaceutical company Pfizer and German company BioNTech announced their vaccine efficacy rate was over 90%.
Pfizer and BioNTech are due to apply for emergency use permits at the US Food and Drug Administration (FDA) on Friday. Vaccine deliveries can take place only a few hours after licensing drops.
Other positive vaccine news comes from AstraZeneca and the University of Oxford which states that their corona vaccine is safe and triggers antibodies for adults.
CNBC INDONESIA RESEARCH TEAM
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