Trends Change! This is the last chance for Antam’s Gold Bottom

Jakarta, CNBC Indonesia – The price of gold in the national primary market today, Saturday (11/27/2021) weakened, ignoring the strengthening of the price of the precious metal in the global market amid anxiety about the emergence of a new variant of the Covid-19 virus.

Referring to the price of PT Aneka Tambang Tbk, 1 gram of gold today is priced at Rp. 929,000 per bar, or down 0.11% (Rp. 1,000/gram) in a day. Meanwhile, 100 grams of gold is at the level of Rp. 87.112,000/bar or equivalent to Rp. 871.120/gram.

Heavy

Basic price

TIN Price (+Tax 0.45%)

Non NPWP Price (+ 0.90% Tax)

0.5 gr

514500

516500

518500

1 gr

929000

933000

937000

2 gr

1,798,000

1,806,000

1,814,000

3 gr

2,672,000

2,684,000

2,696,000

5 gr

4,420,000

4,439,000

4,459,000

10 gr

8,785,000

8,824,000

8,864,000

25 gr

21,837,000

21,935,000

22,033,000

50 gr

43,595,000

43,791,000

43,987,000

100 gr

87,112,000

87,504,000

87,896,000

250 gr

217,515,000

218,493,000

219,472,000

500 gr

434,820,000

436,776,000

438,733,000

1000 gr

869,600,000

873,513,000

877,426,000

Antam’s gold price this week has fallen by 2.5% or Rp. 24,000/gram compared to last Saturday’s closing price of Rp. 953,000/gram.

The movement of the week is indeed a weakening dominance. Of the six trading days, the price of the precious metal strengthened only one day, and weakened by four days. One day, on Friday, Antam’s gold price closed flat, before being pressured again this Saturday.

The national gold movement is different from the global trend, where the gold price in the market spot The world actually strengthened last Friday, by 0.19% to the level of US$ 1791.8/troy ounce. Strengthening occurs after market participants leave the stock market and hunt for precious metals (as a hedge asset).

Even though on a weekly basis, gold prices on the world market fell by 2.9% or worse than the correction in Antam’s gold price in the same period.

Gold fell below the psychological level of US$1,800 earlier this week as US central bank Chairman Jerome Powell was re-elected with his pro-monetary tightening policy more quickly. This has an impact on the strengthening of the US dollar and makes gold less attractive because it is more expensive for buyers in currencies other than the dollar.

However, at the end of the week the conditions reversed following the risk of a new variant of Covid-19 spreading in Africa, known as the Omicron variant, which is thought to be more resistant to antibodies and easily transmitted, while cases in Europe tend to increase entering the year-end holiday season.

On the other hand, analysts from Societe Generale in their latest projections expect gold to rally for the first three months of next year. The France-based bank predicts gold prices will strengthen by the end of the year, towards an average price of US$ 1,950/troy ounce in the first quarter of 2022.

CNBC INDONESIA RESEARCH TEAM

[Gambas:Video CNBC]

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