Today, Friday, August 2, 2024, global gold prices have remained stable, showing only a slight correction from the previous day’s market close. On Thursday, August 1, 2024, gold prices closed with a minor drop of 0.02%, settling at USD 2,444.79 per troy ounce.
The stagnation in gold prices accompanies a rise in the dollar index today. The strengthening of the dollar is driven by gold prices reaching a peak due to expectations of an interest rate cut by the Federal Reserve in September.
Jerome Powell, Chairman of the Federal Reserve, has indicated that the Fed will likely maintain its current interest rate policy, as the U.S. economy remains on track. Powell also hinted that a potential interest rate cut might occur in September if inflation continues to move towards the 2% target.
Commodity strategist Bart Melek also believes that the market is highly optimistic about the scheduled rate cut in September and discussed the possible magnitude of the Fed’s rate reduction.
Today’s Gold Prices in Indonesia
After reaching an all-time high, the price of Antam gold in Indonesia today, Friday, August 2, 2024, has slightly decreased by Rp 2,000, from Rp 1,433,000 per gram to Rp 1,431,000 per gram.
This minor decline is attributed to profit-taking by some investors seeking to benefit from the difference between buying and selling prices, which is common when gold prices are high.
However, the decrease in the purchase price of Antam gold in Indonesia has not affected its selling price. The buyback price remains the same as the previous day at Rp 1,284,000 per gram.
On Treasury’s platform, the purchase price of gold on Friday, August 2, 2024, has also weakened to Rp 1,321,458 per gram as of 11:00 WIB. This downward trend follows the previous day’s price decline.
On Thursday, August 1, 2024, Treasury’s gold price closed lower at approximately Rp 1,323,881 per gram. The difference between yesterday’s closing price and the current purchase price is around Rp 2,000. Treasury’s buyback price is offered at Rp 1,262,551 per gram.
Future Gold Price Predictions
The increasing expectation of an interest rate cut by the Fed provides a positive outlook for the gold market. According to CME FedWatch data, there is currently a 78% chance of a 25 basis point rate cut in September, bringing the rate to 5%-5.25%.
Technically, gold prices are still in a bullish zone, with the Relative Strength Index (RSI) above 50 at 60.81. The Stochastic RSI indicator is at 60.62.
Although central bank gold purchases in Asia have not been as high as in the first quarter, Bart Melek, Head of Commodity Market Strategy, still believes that the Fed may eventually cut interest rates by up to 50 basis points.
Time to Invest in Gold, Starting from Just Rp 5,000
Daily fluctuations in gold prices should not be a concern. Over time, gold prices are expected to rise annually. Ideally, gold is used for medium- to long-term investments.
So, there’s no need to hesitate in starting your gold investment. You can now purchase gold easily and affordably, starting from just Rp 5,000 with Treasury!
Treasury is the first licensed BAPPEBTI physical digital gold trader. Digital transactions are securely guaranteed, as Treasury is registered with KOMINFO and partners with ICH to ensure user transaction security.
Treasury is also a member of ICDX, a clearing institution and futures exchange supervised by BAPPEBTI. Thus, you can invest in gold with confidence regarding legality and security.
Additionally, Treasury offers various attractive features such as Jamimas (gold loans), Panen Emas with interest rates up to 9% p.a., FREE gold storage and transfers, and many more special promotions and gifts.
Even though you save gold digitally, you can still convert your gold savings into physical gold, coins, or jewelry, as Treasury collaborates with PT. Antam and UBS.
What are you waiting for? Start your gold investment now for better financial health today and in the future!
