Vaccine Discovery Makes Gold Prices Continue to Drop

JAKARTA, KOMPAS.com – Train gold price Antam has continued to decline in the past two weeks. This condition is consistent with the drop in gold prices on the spot market due to negative sentiments from global conditions.

In a note Kompas.com, the price of precious metal gold fell to 16 September IDR 7,000 per gram to IDR 1,030,000 per gram. There was no price movement until September 19, which again fell by Rp. 7,000 per gram.

Even so, the price of Antam’s gold rose by Rp. 1,000 per gram on September 21, but then fell again by Rp. 15,000 per gram on September 22. The decline continued on September 23 at IDR 2,000 per gram and September 24 at IDR 5,000 per gram.

Also read: Details of the Latest 24 Carat Gold Bar Prices at Pegadaian

On September 25, the price of Antam’s gold rose by Rp. 7,000 per gram, but on September 26 the price fell again by Rp. 3,000 per gram. Until now on September 27, the price is Rp. 1,006,000 per gram.

Director of PT TRFX Garuda Berjangka Ibrahim Assuaibi said the findings vaccine Covid-19 by a number of countries is one of the factors in the continuing decline in gold prices. As the US is preparing to distribute a potential coronavirus vaccine on November 1.

On the other hand, Russia continues to develop its vaccine. After Russia’s Sputnik V vaccine was officially registered in August 2020, now the second vaccine, EpiVacCorona, is ready to be registered on 15 October.

“Even this Russian vaccine has been approved or recognized by WHO. This means that the vaccine has indeed been found,” Ibrahim told Kompas.com as quoted on Sunday (27/92/020).

Meanwhile in Indonesia, vaccine development continues to be carried out both between PT Bio Farma (Persero) and a company from China, Sinovac Biotech, which is currently undergoing phase 3 clinical trials, as well as the existence of a domestically made Red and White vaccine.

The Ministry of Health (Kemenkes) has also distributed Covid-19 treatment drugs to eight priority provinces, namely DKI Jakarta, West Java, Central Java, East Java, North Sumatra, South Sulawesi, South Kalimantan and Papua.

“That is a sign that the economy will be good, with a vaccine being found, the economy will soon improve,” he said.

Another influence is the interest rate outlook of the United States (US) central bank. The Fed, which previously would keep interest rates low until 2023, now the market sees the possibility of interest rates rising before 2023.

Then the US dollar currency becomes attractive because the money supply will decrease, so that there will be many people who tend to shift their investment to US dollars.

“So now the price is going down again, because there is a vaccine, which results fund-fund great will do taking profit, divert investment to a safe haven in foreign exchange, namely the dollar, “said Ibrahim.

Also read: An increase of IDR 7,000, how much is Antam’s gold price today?

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