Antam Gold Price Predicted To Reach IDR 1,220,000 Per Gram, This Is The Reason

JAKARTA - Antam's gold price is estimated at IDR 1,220,000 per gram in the near future or ahead of Ramadan 2024. The increase in gold prices cannot be separated from the international gold reference price.

For information, citing Bloomberg, Wednesday, March 6, 2024, until 14.15 WIB, the price of gold spot is trading at the level of 2,129.63 US dollars per troy ounce, up slightly about 1.90 US dollars from yesterday's closing price at the level of 2,128.04 US dollars per troi ounce.

As for Tuesday, March 5, 2024, the world's gold price had reached 2,141.79 US dollars per ounce troi, overtaking the previous high level in December 2023 which reached 2,135 US dollars per troi ounce.

Quoting metalmulia.com on March 6, 2024, Antam's gold price for 1 gram was priced at Rp1,186 million. The price rose Rp7,000 compared to yesterday's price of Rp1,179 million. Meanwhile, Antam's purchase price or gold buyback did not move to the level of Rp1,079 million per gram.

Financial Market and Commodity Observer Ariston Tjendra explained that Antam's gold price is based on the gold price of Loco London or international gold price which is considered in USD per troy ounce.

Ariston said that the expectations of cutting the Fed's interest rate this year are getting higher with support from the weakening of US economic data related to the declining US inflation rate and encouraging the weakening of the US dollar to help boost this international gold price.

"Moreover, the increase in rupiah compared to the US dollar has also increased the price of gold in the rupiah," he explained to VOI, Wednesday, March 6.

In addition, according to Ariston, a prolonged geopolitical conflict such as Russia that wants to conquer Ukraine and Israel that does not want to stop its attack on Gaza that has the potential to cause greater turmoil in the Middle East region and is still open to the next geopolitical conflict.

According to Ariston, with the potential for a global economic slowdown, all of which trigger investors to enter into gold safe assets.

Ariston sees the potential for an increase in gold prices still open in the future because the issues above are still ongoing. So the opportunity for long-term precious metal gold investment looks still quite good.

"In the near future, if international gold prices soar to 2,200 US dollars per troy ounce and the rupiah remains in the current range, Antam's gold price has an opportunity to rise to the range of Rp1,220,000 per gram," he explained.

Ariston said there are still many factors of uncertainty such as Fed interest rates, war, economic slowdown, and the results of the US Presidential election which could affect the movement of gold prices in the future.