Domestic sentiment would have stronger effects on Antam gold sales.Jakarta (ANTARA News) - Market researcher Ariston Tjendra said gold price continue to scale up on falling value of the US dollar against the majority of the world`s currencies.
The dollar fall and expectation that Spain will ask for bailout fund, shore up gold higher, Ariston, the chief researcher of Monex Investindo Futures said here on Saturday.
The commodities gained from the Fed`s announcement of third quantitative easing (QE) last week, he added.
He said investors are worried by the drastic monetary policy that weakened the dollar, prompting them to put their money in safer asset gold.
Tedy Badrujaman, the corporate Secretary of PT Aneka Tambang (Antam), a pure gold producer, said the QE policy could push up gold price.
However, there was almost no effect on the sales of pure gold recorded by Antam, as the state company sold most of its gold to retail buyers on the domestic market.
Domestic sentiment would have stronger effects on Antam gold sales, he added.
He said retail investors in the country tend to buy small gold bars of 10 grams - 50 grams, adding the QE policy would have no much effect on the retail market.
Antam reported sales of gold at 3,632 kg in the first half of the year or an increase of 1 percent on-year with production totaling 1,261 kg.
The selling price was 16 percent higher in the first half of the year compared with the same period last year, bringing its total sale earning to Rp1.8 trillion or an increase of 65 percent on-year.
Meanwhile, gold price in the world market hovered around US$1,778 per ounce up slightly by 0.44 percent earlier.
(Uu.AS/H-ASG/F001)
Editor: Priyambodo RH
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