Gold bullion prices traded at PT Pegadaian varied on Wednesday (28/2/2024). Antam gold experienced a decline, while UBS gold strengthened.
PT Pegadaian offers a range of gold types, including Antam gold, Antam Retro, and UBS. These are available in various sizes, ranging 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 decreased by 0.27%. Antam gold is available in sizes ranging from 0.5 grams to 1,000 grams.
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 increased by 0.43%. UBS gold is available in sizes ranging from 0.5 grams to 500 grams.
The movement of gold prices at Pegadaian is influenced by the dynamics of the global gold market.
Gold prices in the spot market were slightly down to US$2,031 per troy ounce in yesterday's trading, Tuesday (27/2/2024).
The seemingly stagnant gold prices worldwide are influenced by investors awaiting the release of key macroeconomic data this week, particularly personal spending, the PCE index, and the U.S. economy. The market perceives this week's data release as providing insights into the direction of the Federal Reserve's monetary policy.
Quoting Trading Economics data, the core PCE index is expected to grow by 0.4% month-to-month (mom) in January 2024.
Meanwhile, personal spending in the U.S. in January grew at a slower rate of 0.2% according to Trading Economics consensus.
Furthermore, today, the U.S. will release the second estimate data of economic growth or Gross Domestic Product (GDP) for the fourth quarter of 2023.
Market consensus on Trading Economics predicts that the second estimate of U.S. GDP on a quarterly basis (quarter-to-quarter/qtq) will reach 3.3%, lower than the third quarter of 2023 position of 4.9%.
The direction of the Fed's monetary policy is crucial as it can influence gold prices. When interest rates decrease, gold prices become more attractive due to its non-yield-bearing nature. Thus, demand increases, leading to a rise in prices.