After rising sharply by over 1% last week, today, Monday (07/08/2024), gold prices opened slightly lower by 0.22% at USD 2,386.22 per troy ounce.

On Friday (07/05/2024), global gold prices closed up by 1.5% at USD 2,391.46 per troy ounce. This increase was influenced by the release of several data points from the U.S. government last week.

The data indicated that the U.S. economy is slowing down, with the high interest rates set by The Fed currently seen as hampering economic growth.

Key indicators for this situation include rising unemployment, a decrease in average hourly earnings, and a lower non-farm payroll (NFP) figure compared to April.

Despite this, The Fed maintained its stance on keeping interest rates unchanged last week, as it seeks clear evidence of inflation reduction before considering rate cuts.

With the latest data releases and current U.S. economic conditions, investors are optimistic that The Fed will cut interest rates twice this year.

Gold Prices Today in Indonesia

In contrast to global gold prices, Antam gold prices in Indonesia today, Monday (07/08/2024), increased by Rp 1,000 to Rp 1,396,000 per gram, up from Rp 1,395,000 per gram previously.

This price represents the highest on record. Since Thursday (07/04/2024), gold prices have been on the rise over the past week.

The buyback price for Antam gold remains unchanged from the previous week’s close at Rp 1,262,000 per gram.

In contrast, the Treasury gold price today, Monday (07/08/2024), opened lower by Rp 4,000 at Rp 1,288,820 per gram, down from Rp 1,292,910 per gram.

With a spread offered by Treasury of around Rp 42,000 per gram, the buyback price today stands at Rp 1,243,685 per gram.

The significant increase in Antam gold prices in Indonesia indicates that gold investment remains promising for the long term.

Generally, to profit from gold investments, you should increase your gold holdings when prices are low and sell when prices are high.

The decrease in Treasury’s gold buying price can be leveraged to increase your investment and protect the value of your assets.

Future Gold Price Predictions

Last week, gold reached its highest level in a month. The growing signals that The Fed may cut interest rates this year make future gold price projections increasingly appealing.

According to CME FedWatch, the likelihood of a 25 bps rate cut by The Fed to 5-5.25% in September has surged to 72.5%.

This optimism is supported by recent data showing a decline in the dollar index over the past four days, indicating that the U.S. economy is not in good shape.

Tai Wong, a metals trader based in New York, stated that investors are targeting a higher support level for gold, from its current position at USD 2,365 per troy ounce to USD 2,450 per troy ounce.

Wong and other investors’ hopes will only materialize if The Fed openly signals a rate cut in September.

Additionally, data such as revised job growth figures and rising unemployment further pressure The Fed to lower interest rates.

Weekly Gold Price Summary

Over the past week, gold prices increased by 2.7%. Last Monday (07/01/2024), global gold prices opened at USD 2,323.65 per troy ounce.

By Friday (07/05/2024), gold prices closed up at USD 2,391.46 per troy ounce, marking the highest increase since May 21, 2024.

In domestic trading, gold buying prices began to rise from Thursday (07/04/2024) at Rp 1,378,000 per gram after increasing by Rp 13,000 from the previous day.

This rise continued until the end of the week, closing at Rp 1,395,000 per gram on Saturday (07/06/2024), setting a new historical high for gold prices.

It’s Time to Invest in Gold, Starting from Just Rp 5,000

You don’t need to worry about daily fluctuations in gold prices. Over time, gold prices will generally increase each year. Ideally, gold is used for medium to long-term investments.

So, there’s no need to hesitate to start investing in gold. Now, you can easily and affordably purchase gold starting from Rp 5,000 at Treasury!

Treasury is the first digital physical gold trader licensed by BAPPEBTI. Digital transactions are secure, having been registered with KOMINFO and partnered with ICH to ensure user transaction safety.

Treasury is also a member of ICDX, a clearing and futures exchange supervised by BAPPEBTI. Thus, you don’t need to worry about the legality and security of investing in gold with Treasury.

Moreover, Treasury offers various attractive features such as Jamimas (gold loans), Panen Emas with interest rates up to 9% p.a., FREE gold storage and transfer, and many other special promotions and rewards.

Even with digital gold savings, 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 a better financial future today and tomorrow!