Antam’s Gold Price Increases Before National Holiday

Antam’s gold price in trading has increased before the national holiday. At the LM Graha Dipta Pulo Gadung gold boutique, the price of 1-gram Antam’s gold rose significantly by IDR 8,000. It means that Antam’s gold price soared by IDR 9,000 in just two days (31/05/2023).

Reported by cnbcindonesia.com, the increase on Antam’s gold today cannot be separated from the influence of the strengthening of world gold. During trading on Tuesday (30/5/2023), the price of gold was at USD 1,959.14 per troy ounce. The price rose sharply 0.84%. Even though gold prices tended to be stagnant last week.

The strengthening of gold is influenced by how the market views the vote regarding the increase in the US government’s debt ceiling. As is known,  the US Congress will hold a vote today. The voting is expected to finish on Wednesday or early Thursday Indonesian time.

US President Joe Biden and the Republican Party are coming to an agreement. They agreed in principle to raise the debt ceiling and the state spending limit. This step was taken to prevent default.

Apart from it, the market is also worried about the policies of the US central bank The Federal Reserve (The Fed). The market is betting 68.8% if the Fed will raise its benchmark interest rate this month.