Jakarta, CNBC Indonesia – After gold bullion prices had fallen in the last two days, most bullion prices at Pegadaian stagnated on Sunday (November 28th). However, there is one species that has seen a decline, albeit not a large one, which is the retro Antam gold.
Antam’s retro gold is down 0.22% to 0.40% today, according to data from the Pegadaian official website. Antam Retro is an old gold bar with separate gold and certificate.
Retro Antam Gold was last produced in 2018 and is available from 0.5 grams to 100 grams.
|unit||Antam Retro Prize Today||Yesterday’s Retro Antam Prize||Retro-Goldwechsel (Rp)||Retro-Goldwechsel (%)|
|3.0||IDR 2,709,000||2,715,000 Rp||-Rp6.000||-0,22%|
Other gold, namely Antam standards and Batik and UBS gold, are stagnating today in all sizes / units.
|unit||Antam price||Prize by Antam Batik||UBS award|
The world gold price, which began to stabilize after a sell-off earlier this week, left most of the gold bars in Pegadaian stagnant.
Yesterday’s world gold price was still stable with only a slight increase of 0.03% to 1,792.60 US dollars / troy ounce, although amid inflationary conditions in the US, the publication of the minutes of the monetary policy of the Fed also rose again. The meeting also showed that many board members are ready to accelerate normalization if inflation remains high.
One of the reasons for this slight increase was the discovery of a new variant of COVID-19, which resulted in a massive sell-off in global stock markets, causing many of the world’s stock exchanges to close red this weekend. This increase can also be a ‘code’ for gold in the pawnshop. Based on observations by the CNBC Indonesia Research Team, global gold prices will affect Antam’s gold two days later.
This means that yesterday’s strengthening of world gold will affect the gold price in pawn shops tomorrow.
However, there are other factors that affect the rupiah exchange rate and supply-demand. These two factors mean that the percentage increase / decrease in gold prices at Pegadaian can be larger / smaller, sometimes even in the opposite direction to world gold.
After the publication of the inflation data and the minutes of the Fed meeting, market participants now see an 80 percent probability that the Fed will raise interest rates faster in June 2022 than in the previous semester II-2022.
This comes from the CME Group’s FedWatch tool, which has a 19.5% chance that the Fed will keep rates at 0% – 0.25%. While the likelihood of an interest rate hike is greater than 80%, this is broken down into several basis points of hike.
For an increase of 25 basis points (0.25%) to 0.25% – 0.5%, the highest probability is 43.4%. Then a 50 basis point increase is a 30% chance.
Interest is one of the main “enemies” of gold. If interest rates rise in the US, the attractiveness of gold as a non-profitable asset will decrease. In addition, the opportunity cost of investing in gold also increases. But gold can still stabilize in the last two days, is that a good sign?
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