Gotrade News - Indonesian gold producer Antam raised its retail gold price by Rp30,000 to Rp2,893,000 per gram on Wednesday (04/15). In global markets, spot gold climbed 2% to USD4,831 per ounce, driven by a weaker dollar and US-Iran negotiation hopes.
Key Takeaways:
- Antam gold rose Rp30,000 from Rp2,863,000 to Rp2,893,000 per gram, buyback up Rp35,000
- Spot gold surged 2% to USD4,831 per ounce, US futures up 1.7% to USD4,850
- Weaker US dollar and potential continuation of Pakistan talks fueled the rally
Antam's price increase was recorded at 9:15 AM local time, up from the morning open of Rp2,863,000 per gram. The buyback price also rose Rp35,000 to Rp2,674,000 per gram, according to Kumparan.
Galeri24, another major Indonesian gold retailer, posted a similar Rp30,000 increase to Rp2,868,000 per gram. Galeri24's buyback price stood at Rp2,690,000 per gram.
In international markets, spot gold gained 2% to USD4,831.78 per ounce. US gold futures rose 1.7% to USD4,850.10 per ounce, equivalent to roughly Rp77.6 million, according to Kompas data.
A weakening US dollar was the primary driver behind the global gold rally. The softer greenback made gold more accessible to international investors.
President Trump indicated potential continuation of US-Iran negotiations in Pakistan. The prospect of diplomatic dialogue added further support to gold market sentiment.
US producer inflation data for March came in lower than expected. Although energy price pressures persisted, the cooling inflation gave room for interest rate stability.
RJO Futures analysts noted gold's direction depends on how the Pakistan talks progress. Commerzbank projected gold to remain stable as markets have not fully priced in a Fed rate hike.
For smaller denominations, Antam's 0.5-gram gold bar was priced at Rp1,496,500. The 10-gram bar traded at Rp28,425,000, per Kompas data.
