TEMPO.CO, Jakarta - Gold prices are projected to decline prior to the Federal Open Market Committee meeting scheduled for this week. Market participants are currently waiting for the Federal Reserve's decision on whether they would raise interest rates now or postpone it again.
Barnabas Gan, an economist at Oversea-Chinese Banking Group, said the Fed has the opportunity to raise interest rates this year. However, it is possible that the hike will happen in December instead of this month.
"If the Fed delays the hike again, then there is a very limited chance for gold prices to go up," he said as Bloomberg reported on Monday, September 14.
Investors have started to stray away from gold investment since the end of last week. But, there are some that tend to wait for what the Fed will decide.
As of 2:00 pm in today's trade, the Gold Spot price edged up 0.04 percent to US$1,108 per troy ounce or Rp510,250 per gram. Meanwhile, Antam's gold price is still moving around Rp523,000 per gram.
BISNIS | RR