Ladies, Be Patient, Gold Jewelry Prices Rise Ahead Of Eid 2021

Illustration. (Photo: Doc. Antara)

JAKARTA - The Central Statistics Agency (BPS) recorded an increase in the price of gold jewelry throughout April. The rising gold price pushed core inflation up to 0.14 percent in April from 0.03 percent the previous month.

Deputy for Distribution and Services Statistics, BPS Setianto, said that core inflation contributed 0.09 percent to the overall inflation, which was recorded at 0.013 percent month to month (mtm) in April 2021.

Furthermore, Setianto said that the increase in inflation was contributed by the increase in the price of gold jewelery, which demand increased ahead of the Eid Al-Fitr.

"The increase in gold jewelery purchases ahead of Eid al-Fitr will affect the price of gold jewelery in April 2021," he said in a virtual press conference, Monday, May 3.

Setianto said that the increase in the price of gold jewelery during that period was triggered by the increase in the price of gold bullion.

He added that out of 90 CPI cities monitored by BPS, there were 60 cities that experienced an increase in the price of gold jewelery. The highest increases were in Parepare, Medan and Bukittinggi with three percent each.

Previously, BPS noted, inflation in February 2021 was 0.10 percent mtm. One of the things that hampered the inflation rate in February 2021 was the decline in the price of gold jewelery, which contributed to deflation of 0.02 percent.

This jewelery gold commodity belongs to the Personal Care and Other Services group. This group itself experienced a decline in prices by 0.14 percent mom and contributed to deflation by 0.01 percent.

"We know that the price of gold bullion and precious metals on the international market has decreased and this will affect the price of gold jewelery falling compared to January 2021," said Head of BPS Suhariyanto, Monday, March 1.

The world gold price went up

For your information, today's gold price for Antam's 1 gram precious metal at Pegadaian is still compared to the previous day. Quoting the Pegadaian page, the price of gold today, Tuesday, May 4 for Antam's 1 gram precious metal at Pegadaian has reached IDR 921 thousand.

Antam's precious metal is sold in the form of bars with various weight sizes, for example 1 gram, 2 grams, 5 grams, up to 1,000 grams.

The weakening US dollar ahead of a series of US data releases boosted world gold prices. Quoting Reuters, the price of gold in the spot market this morning rose 0.1 percent to 1,770.66 US dollars per ounce, while US gold futures rose 0.2 percent to 1,770.30 US dollars per ounce.

Meanwhile, Palladium rose 0.3 percent to 2,944.19 dollars an ounce, after hitting an all-time high of US $ 3,007.73 an ounce late last week. The dollar index fell 0.1 percent against a range of other currencies, making gold cheaper for holders of other currencies.

However, US Treasury Secretary Janet Yellen on Sunday, May 2, 2021, dismissed concerns that President Joe Biden's infrastructure stimulus plan would lead to inflation.

For your information, US consumer spending recovered in March amid surging incomes because households received additional money from the government.