Gold prices of Logam Mulia (LM), produced by PT Aneka Tambang Tbk, observed a decline approaching the weekend. Today, Friday (March 22, 2024), at the LM Graha Dipta Pulo Gadung gold boutique, LM gold was seen dropping by Rp8,000 to Rp1,211,000 per gram, marking a decrease compared to the previous day's price of Rp1,219,000 per gram.
As known, Antam gold prices reached a historic high of Rp1,219,000 per gram yesterday, Thursday.
Similarly, the buyback price (the price used when selling gold back) decreased by Rp8,000 to Rp1,103,000 per gram, compared to the previous day's buyback price of Rp1,111,000 per gram.
The weakening of Antam gold prices is in line with the global gold market. In the spot market, on Thursday's trading (March 21, 2024), the gold price closed down by 0.23% at US$2,180.98 per troy ounce. Before closing lower, gold hit an all-time high during intraday trading at US$2,217.79 per troy ounce on Thursday.
Gold slightly weakened on Thursday's trading after a rally fueled by Federal Reserve Chairman Jerome Powell's indication that the central bank is on track for three interest rate cuts in 2024.
According to FedWatch tool, market participants currently estimate a 72% likelihood that the Fed will begin to cut interest rates in June 2024, up from 65% before the interest rate decision.
Despite recent high inflation figures, Powell stated that the central bank still might lower interest rates by three-quarters of a percentage point by the end of 2024.