Jakarta, CNBC Indonesia – The price of gold bullion produced by PT Aneka Tambang Tbk (ANTM), known as Logam Mulia, fell earlier this week, Monday (24/8/2020). The decline started happening on Thursday last week.
Launch data from the site logammulia.com, the price of gold bullion weighing 1 gram today is priced at IDR 1,023,000 / stick, down IDR 4,000 or 0.39% from last Saturday. When compared with the price on Wednesday (19/8/2020) IDR 1,058,000 / rod, it means that this precious metal has fallen by 3.31%.
Today, gold bars weighing 100 grams are priced at IDR 96,512,000 / bar or IDR 965,120 / gram.
Antam’s downward trend in gold follows the downward movement in world gold prices since trading last Wednesday. This is because the US dollar index has risen from its lowest level in 2 years, after some pretty good US economic data.
“We are seeing some better-than-expected economic data in some aspects, but there are clear concerns over the Covid-19 pandemic, and the labor market,” said David Meger, director of precious metals trading at High Ridge Futures.
The strengthening of the US dollar triggered profit taking (profit taking) against gold. Understandably, before the decline in world gold prices were at their highs, it returned to above US $ 2,000 / troy ounce. However, the future outlook for this precious metal is still quite bright.
“The price of gold was like a roller-coaster last week due to stalled economic stimulus package deals, a revival of the US dollar and real interest rates,” said Standard Chartered analyst Suki Cooper, as quoted by Antara. Reuters.
“Unless there is further profit taking, we think the long-term uptrend (for gold) will remain intact as we expect further US dollar weakness and the scale of stimulus. [yang besar], and because we expect interest rates to remain low or negative, “he said.
CNBC INDONESIA RESEARCH TEAM
(pap / pap)
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