Jakarta, CNBC Indonesia – The price of gold at PT Pegadaian moved up in today’s trading. The gold price of Precious Metals belonging to PT Aneka Tambang (Persero) Tbk (ANTM) is already above Rp. 1 million/gram.
On Saturday (5/3/2022), the following is the development of the price of various types of gold sold at Pegadaian:
Like Antam’s gold, the price of gold at Pegadaian also follows the dynamics of world gold prices. Throughout this week, the world gold price in the spot market posted an increase of 4.37% on an annual basis point-to-point. In the last month, the price skyrocketed 8.8%.
Since the Russian invasion of Ukraine, market players have been hunting for gold. Capital flows that flow into contracts Exchange-Traded Funds (ETFs) gold since early 2022 reached US $ 4.7 billion. Last year, gold ETFs contracted experienced capital outflows (outflow) of US$ 7.8 billion.
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Source: Reuters- – |
“Russia’s attack on Ukraine made market participants put into panic mode. Investors took off risky assets and headed for safe assets (safe-haven) like gold,” said Alexander Zumpfe, dealer at Heraeus, as reported by Reuters.
In addition, the surge in prices of various commodities has also exacerbated the risk of inflationary pressures. When inflation is high, gold is a sought-after asset.
Gold does not provide returns (non-yielding asset) but provides protection against scouring inflation. Because the supply of gold is limited so the price will still tend to rise.
CNBC INDONESIA RESEARCH TEAM
(aji / aji)
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