Yesterday, Wednesday (07/24/2024), global gold prices closed lower by 0.48% to USD 2,397.59 per troy ounce. Today, Wednesday (07/25/2024), gold prices opened with a slight positive correction of 0.01%, reaching USD 2,397.79 per troy ounce.
The decline in gold prices today reversed the previous day's gain of 0.01% on Tuesday (07/23/2024), when gold was at USD 2,409.21 per troy ounce.
Despite the U.S. dollar index trending downward, gold prices have also fallen due to market behavior, which remains cautious and is awaiting supportive data on The Fed's policies to be released this week.
Today's drop in gold prices may be seen as an anomaly, as typically, when the U.S. dollar index weakens, gold prices strengthen. Today, the U.S. dollar has decreased by 0.06% to 104.39.
When the dollar index weakens, the cost of buying gold is lower, usually leading to increased demand and higher prices. However, this trend did not occur today.
In addition to the dollar, the Nasdaq Composite index has also declined due to investor disappointment with the performance of major technology companies such as Alphabet (Google) and Tesla.
These indicators have led investors to take a pause while awaiting data on Gross Domestic Product (GDP) for Q2 and Personal Consumption Expenditures (PCE) inflation for June 2024.
Both data points are anticipated to align with The Fed's policy, potentially easing economic policies with an interest rate cut in September.
Today's Gold Prices in Indonesia
In line with global gold trends, today, Thursday (07/25/2024), the purchase price of Antam gold in Indonesia has decreased by Rp 6,000 per gram, from Rp 1,406,000 per gram to Rp 1,400,000 per gram.
Following the drop in the purchase price, the buyback price offered by Antam has also decreased by Rp 3,000, from Rp 1,259,000 per gram to Rp 1,256,000 per gram.
Contrary to the declining trend observed in Antam and global gold prices, Treasury's gold price today, Thursday (07/25/2024), has strengthened to Rp 1,286,966 per gram, up from Rp 1,283,650 per gram.
The buyback price at Treasury has also increased by approximately Rp 4,000, from Rp 1,244,747 per gram yesterday to Rp 1,248,943 per gram today.
Future Gold Price Predictions
Next Friday, the U.S. government will release two key data points: the preliminary GDP for Q2 and the PCE inflation data for June 2024.
These data will be crucial for The Fed in assessing the U.S. economic conditions and making future policy decisions, including the much-anticipated interest rate cut by the gold market.
It is predicted that GDP will rise to 1.9% from 1.4% in the first quarter. The third and fourth quarters of 2023 recorded GDP growth rates of 4.9% and 3.4%, respectively.
The forecasted slowdown compared to last year could be positive news for the gold market, as it increases the likelihood of an interest rate cut by The Fed.
PCE data in the U.S. is also expected to continue to decline, although it may not reach the 2% target desired by The Fed. Persistent declines in PCE will still provide positive prospects for the gold market.
According to CME FedWatch, the probability of a 25 basis points rate cut by The Fed in September has risen to 93.3%.
Time to Invest in Gold, Starting from Just Rp 5,000
Daily fluctuations in gold prices should not be a major concern. Over time, gold prices are expected to rise annually. Ideally, gold is used for medium- to long-term investments.
So, there is no need to hesitate to start investing in gold. Now, you can easily and affordably buy gold starting from just Rp 5,000 through Treasury!
Treasury is the first digital physical gold trader licensed by BAPPEBTI. Digital transactions are secure as they are registered with KOMINFO, in partnership with ICH, and are a member of ICDX, a clearing and futures exchange overseen by BAPPEBTI.
Therefore, you can be assured of the legality and security of investing in gold with Treasury.
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 transfer, and many other special promotions and gifts.
Even while saving gold digitally, you can still convert your gold savings into physical gold, coins, or jewelry through Treasury’s partnerships with PT Antam and UBS.
What are you waiting for? Start your gold investment now for a better financial future today and tomorrow!
