Despite a slight correction at the opening, gold prices closed higher by 1.06% on Tuesday, October 22, 2024, reaching a new record of USD 2,748.38 per troy ounce. Today, Wednesday, October 23, 2024, gold prices opened with a minor correction of 0.05%, standing at USD 2.747.09 per troy ounce.
The significant increase in gold prices, rising more than 1% by market close, is due to political uncertainty ahead of the U.S. presidential election, ongoing tensions in the Middle East, and market expectations of further interest rate cuts.
These factors have driven investors to seek safe-haven assets like gold. The increased demand has increased gold prices, setting a new all-time high.
On Tuesday, the U.S. dollar index strengthened to 104.075, while the 10-year bond yield rose to 4.18%, the highest since July. However, the factors supporting gold prices outweighed the pressure from the strong dollar and bond yields, leading to a continued rise in gold prices.
Gold Prices in Indonesia
Following the global trend, gold prices in Indonesia also surged. As of Wednesday, October 23, 2024, the purchase price of Antam gold increased by IDR 11,000 to IDR 1,521,000 per gram, up from the previous low of IDR 1,510,000 per gram.
Similarly, Antam's buyback price rose by IDR 11,000, from IDR 1,360,000 per gram to IDR 1,371,000 per gram.
The Treasury app also experienced a sharp increase in gold prices. As of 4:00 PM WIB on Wednesday, October 23, 2024, Treasury gold prices rose by around IDR 10,000, reaching IDR 1,434,889 per gram, a new all-time high (ATH). The buyback price in the app also increased to IDR 1,385,218 per gram. The difference between the purchase price and the buyback price creates what is known as the spread, which determines the risk and profit from gold investment.
Future Gold Price Predictions
The current uncertainty in the U.S. presidential election is boosting the gold market. Vice President Kamala Harris, the Democratic Party candidate, currently leads with 46%, while former President Donald Trump from the Republican Party trails with 43%.
A BNP Paribas analyst stated that the narrow margin between the two candidates creates uncertainty, which benefits the gold market as investors seek stable, safe-haven assets.
Senior strategist Peter A. Grant is optimistic that gold prices will reach USD 3,000 per troy ounce by the first quarter of 2025, fueled by escalating conflicts in the Middle East and the possibility of further monetary easing by the Federal Reserve.
From a technical perspective, the gold Relative Strength Index (RSI) stands at 75.66, indicating bullish momentum, as it is above 50. However, the Stochastic RSI has reached 100, signaling that gold is overbought.
Time to Invest in Gold, Starting from Just IDR 5,000
Daily fluctuations in gold prices should not worry you. In the long run, gold prices tend to rise annually. Ideally, gold is suited for medium to long-term investments.
There's no reason to hesitate! You can now invest in gold easily and affordably, starting from just IDR 5,000 through the Treasury app!
Treasury is Indonesia's first licensed digital gold dealer, approved by BAPPEBTI. KOMINFO and ICH record all digital transactions securely, guaranteeing users' safety.
Treasury is also a member of ICDX, a clearing and futures exchange institution regulated by BAPPEBTI, so you need not worry about the legality and safety of investing in gold through Treasury.
Additionally, Treasury offers various attractive features such as Jamimas (gold loans), Panen Emas with an interest rate of up to 9% per annum, free gold storage and transfers, and many other special promotions and rewards.
Even though you save in digital gold, you can still convert your savings into physical gold, coins, or jewelry, thanks to Treasury's partnerships with PT. Antam and UBS.
What are you waiting for? Start investing in gold today for a better financial future!
