JAKARTA - The world's gold price has again fallen following the profit-taking after reaching its highest level since March 10, 2022. This fall was also based on the fact that the United States dollar strengthened after US inflation data according to predictions.
Citing Antara, the most active gold contract for June delivery in the Comex New York Exchange division, slipped 11.50 US dollars or 0.58 percent to close at 1,986.20 US dollars per ounce, after touching the highest level of the session at 2,005.50 US dollars and the lowest at 1,984.20 US dollars.
Gold futures rose 13.20 US dollars or 0.67 percent to 1,997.70 US dollars on Thursday March 30, 2023, after a decline of 5.90 US dollars or 0.30 percent to 1,984.50 US dollars on Wednesday March 29, 2023, and jumped 19.70 US dollars or 1.01 percent to 1,973.50 US dollars on Tuesday March 28, 2023.
For this week, the benchmark for the gold futures contract also fell 15.50 US dollars or 0.8 percent, compared to the previous Friday March 24, 2023 settlement at 2,001.70 US dollars. Nevertheless, gold completed March 8.1 percent higher and rose 8.8 percent for the first quarter of 2023.
"This is a very good start of the year for gold and banking turmoil in March is another very bullish catalyst for it; in such a way that it barely returns to that advantage as interest rate expectations almost don't shift again and yields remain lower", said Craig Erlam, analyst on online trading platform OANDA.
The US dollar strengthened in trading Friday March 31, 2023 as market participants digested major US inflation reports, with a dollar index, measuring the greenback against six other major currencies, up 0.35 percent to 102.5107.
Economic data released Friday March 31, 2023 varies. The US Department of Commerce reported that the US personal consumption expenditure price index (PCE) did not include food and energy up 0.3 percent in February. That figure is below market forecasts of 0.4 percent and lower than the January 0.5 percent increase.
Harga Emas Antam Turun Ceban, Segram Dibanderol Rp1.072.00030 Mar 2023 09:38
Harga Emas Antam Naik Rp5.000 Usai Turun Dua Hari Berturut-turut29 Mar 2023 09:45
The Chicago Business Barometer released by the Institute of Supply Management-Chicago edged up 0.2 points to 43.8 in March, the first increase since December. The increase was unexpected and also higher than the 43 readout estimated by economists.
The Consumer Sentiment Index released Friday March 31, 2023 by the University of Michigan (UM) Consumer Survey fell to 62.0 in the March 2023 survey, lower than 67.0 in February.
Another precious metal, silver for May delivery rose 16.70 cents, or 0.70 percent, to close at 24.156 dollars per ounce. Platinum for July delivery rose 6.20 dollars, or 0.62 percent, to settle at 1.003.10 dollars an ounce.
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