Gold prices in PT Pegadaian witnessed varied movements in today's trading session on Wednesday (28/2/2024). Antam gold was observed to weaken, while UBS gold strengthened.
Pegadaian offers various types of gold, including Antam, Antam Retro, and UBS, available in a range of sizes from 0.5 grams to 1,000 grams.
In today's trading, the price of 1 gram of Antam gold was recorded at Rp1,161,000, down Rp3,000. Across various sizes, the average price of Antam gold declined by 0.27%. Antam gold is available in sizes ranging from 0.5 grams to 1,000 grams.
On the other hand, UBS gold issued by PT Untung Bersama Sejahtera was priced at Rp1,131,000 per gram, up Rp5,000. Across various sizes, the average price of UBS gold rose by 0.43%. UBS gold is available in sizes ranging from 0.5 grams to 500 grams.
The movement of gold prices in Pegadaian is influenced by the dynamics of the global gold market.
The price of gold in the spot market was slightly down to US$2,031 per troy ounce in yesterday's trading on Tuesday (27/2/2024).
The seemingly stagnant gold prices worldwide are influenced by investors awaiting the release of crucial macroeconomic data this week, particularly personal spending, the PCE index, and the US economy. The market perceives that the data released this week could provide insights into the direction of the Federal Reserve's monetary policy.
Quoting data from Trading Economics, the core PCE index is expected to grow by 0.4% month-to-month in January 2024.
Meanwhile, personal spending in the US slowed by 0.2% in January according to Trading Economics consensus.
Additionally, today, the US will release the second estimate of economic growth or gross domestic product (GDP) for the fourth quarter of 2023.
The market consensus in Trading Economics forecasts the US GDP in the second estimate on a quarterly basis (quarter-to-quarter/qtq) to reach 3.3%, lower than the position in the third quarter of 2023, which reached 4.9%.
The monetary policy direction of the Federal Reserve is crucial as it can be a driver for gold prices. When interest rates decrease, gold prices become more attractive due to its non-yielding nature. Thus, demand increases, leading to a rise in prices.