Antam Pede Gold Demand Is Still High Domestically

Illustration (Photo: Doc. Antara)

JAKARTA - PT Aneka Tambang (Persero) Tbk or Antam (ANTM) ensures that domestic gold demand is still high.

Antam's President Director, Nico Kanter, explained that the demand for gold commodities was still influenced by the monetary policy of the US central bank, The Fed.

According to him, there are indications of the Fed's monetary move that could encourage increased gold demand because gold is still seen as one of the investment options.

"Therefore, we believe that the market balance movement will lead to strengthening gold demand, especially the domestic market," he said at the 2023 Public Expose Live Press Conference, quoted Friday, December 1.

Just so you know, Antam currently holds 85 percent of the domestic gold market share.

Niko added that this assumption is also supported by the projected decline in the current price, which is in the range of 2000 US dollars per troy ounce to 1900 per troy ounce.

"If you look at historical data, the decline in gold prices is one of the factors driving the increase in gold partnerships," he said.

For this reason, he emphasized, Antam will focus on strengthening the basis of domestic customers, one of which is through domestic market penetration, especially in new areas where there is no Antam base.

Until the third quarter of 2023, Antam's net sales value was IDR 30.90 trillion, with the dominant contribution coming from domestic net sales which reached IDR 26.69 trillion, equivalent to 86 percent of the total net sales of antam for 9 months in 2023.

The gold product is the largest contributor to Antam's sales or IDR 19.29 trillion.

During the first 9 months, Antam recorded a total volume of gold metal production from the company's mine of 908 kg or the equivalent of 29,193 Troops with gold metal sales reaching 19,469 kg.