Gold prices of precious metals produced by PT Aneka Tambang (Persero) Tbk (ANTM) fell in today’s trading. Correction in World Gold prices dragged Antam’s gold into the red zone.
On Tuesday (12/11/2024), Antam’s gold was priced at Rp 1,482,000/gram. Fell Rp 35,000 compared to the previous day.
Antam’s buyback price is Rp 1,336,000 / gram. Also collapsed Rp 35,000 from yesterday’s position.
“ANTAM LM gold bars are guaranteed authenticity and purity as long as the packaging is not damaged. With the certificate of LBMA (London Bullion Market Association), ANTAM LM gold bullion is recognized globally with the price of resale (buyback) following the movement of World Gold prices. The resale price is the same for all fractions and years of production,” the statement on the Precious Metals website said.
Yesterday, the world gold price on the spot market closed at U.S.$ 2,622.6/troy ounce. It fell 2.31 percent from the close of trading last weekend and was the lowest since Oct.9, more than a month ago.
Gold prices were even down 2 consecutive days. During these 2 days, prices fell 3.11%.
Not only that, the price of gold has also now been dragged into a negative trend. Over the past week, prices fell 4.13% point-to-point. In the past month, prices decreased by 1%.
Last week, the US held a General Election (Election). As a result, Trump was elected president of the superpower until the next 4 years.
Not only that, the Republicans who carried Trump also controlled the Senate.
The results of the US election made the uncertainty in terms of political dynamics in the US has subsided. This makes investors tend to take profit-taking positions, considering that gold prices have risen so high this year.
Proof of this is seen from the Gold Exchange-Traded Fund (ETF) market. Bloomberg News reported that SPDR Gold Shares (GLD), the world’s largest gold ETF, posted a capital outflow of more than US$ 1 billion last week. This is the largest weekly capital outflow since July 2022 or almost the last 2.5 years.
In addition, Trump’s victory also made the US dollar exchange rate strengthened. Understandably, Trump on several occasions expressed that he wanted to realize a strong dollar, a strong US dollar.
In the past week, the Dollar Index (which describes the position of the greenback in front of 6 major world currencies) appreciated by 1.48%. Over the past month, the index gained 2.21%.
Gold is an asset priced in US dollars. When the U.S. dollar strengthens, gold becomes more expensive for investors holding other currencies. Demand for gold fell and prices followed suit.