Antam Gold Price Trend Strengthens, Reaching Record High in September 2023

Based on data compiled by *Databoks*, the average price of Antam gold in September 2023 reached Rp1.07 million per gram.

This figure represents a 0.6% increase compared to the average price in August 2023 (month-on-month/mom), a 13.7% increase compared to September last year (year-on-year/yoy), and sets a new record high.

The average price of Antam gold in September 2023 even increased by 61.9% compared to its position five years earlier, when the average price was still Rp661,900 in September 2018.

This upward trend in the price of Antam gold is in line with the global gold price trend.

According to World Bank data, in September 2023, the average price of 99.5% fine gold (London Fix Afternoon Price) was at US$1,915/troy ounce.

Although its price fell by 0.1% month-on-month (mom), the average global gold price increased by approximately 14% compared to September last year (yoy), and is about 60% more expensive than five years earlier.

In its *Commodity Markets Outlook* report, April 2023 edition, the World Bank projected that gold prices in 2023 would generally be better than last year.

"Gold prices are expected to average US$1,900/troy ounce in 2023, about 6% higher than in 2022," stated the World Bank in its report.

Despite the positive projection, the World Bank considers that gold prices remain potentially volatile, given the high economic uncertainty and the unstable geopolitical conditions in various regions.

In the *Commodity Markets Outlook* report, April 2023 edition, the World Bank also predicted that gold prices would fall to an average of US$1,750/troy ounce in 2024.

"In 2024, gold prices are projected to fall by 8%, in line with the global economic recovery and easing inflationary pressures," said the World Bank.

"In the long term, inflation rates and interest rates will be key factors influencing gold prices," it continued.