Today, Tuesday (07/23/2024), gold prices opened lower, with a slight correction to USD 2,395.44 per troy ounce. On Monday (07/22/2024), gold prices closed down by 0.19% at USD 2,396.20 per troy ounce.

The decline in gold prices over the past three consecutive trading days has resulted in a total drop of 2.87%, nearing 3%.

This decline is attributed to the current political instability in the United States. Although President Joe Biden’s retreat yesterday initially boosted gold prices, the situation has reversed today.

Biden’s withdrawal from the U.S. presidential candidacy for the upcoming November 5 election has led investors to adopt a “wait and see” approach regarding changes in candidacy and future policy decisions.

The Democratic Party is urging Biden to step down and support a candidate deemed more competent and with greater voter support. According to the Democratic Party, Kamala Harris is considered a more capable candidate.

In addition to U.S. political factors, the decline in gold prices is also influenced by the interest rate cuts by the People’s Bank of China due to a lack of short-term stimulus.

This interest rate cut by China is the first of the year, with the annual rate set at 3.35% and the 5-year rate at 3.85%.

China’s economy is currently facing issues with slow growth, reported at 4.7%, compared to the previously predicted 5.3%.

Gold Prices Today in Indonesia

Unlike global gold prices, the purchase price of Antam gold in Indonesia has remained unchanged for the past two days. Since Saturday (07/20/2024) until today, Tuesday (07/23/2024), the gold price has stayed at IDR 1,404,000 per gram.

However, despite the stable purchase price, the buyback price has decreased. Today, the buyback price of gold has fallen by IDR 2,000 from IDR 1,256,000 per gram to IDR 1,254,000 per gram.

On the Treasury platform, the purchase price of gold has also decreased following global trends.

Today, Tuesday (07/23/2024), the purchase price of gold on Treasury is down by approximately IDR 2,000 from IDR 1,292,274 per gram to IDR 1,290,252 per gram as of 11:00 WIB.

The buyback price on Treasury has also declined accordingly. On Monday (07/22/2024), the sell price was IDR 1,256,699 per gram, while today, Tuesday (07/23/2024), it has dropped to IDR 1,248,083 per gram.

Forecast for Future Gold Prices

This week, specifically on Thursday (07/25/2024), the most anticipated data by market players is the preliminary reading of U.S. economic growth for Q2 2024.

If U.S. economic growth meets expectations, this data will strengthen the case for the Federal Reserve to implement an interest rate cut in September.

The market predicts U.S. economic growth will be 1.4%, reflecting a slowdown of 0.5% from the previous figure of 1.9%.

The deceleration of inflation in the U.S. is positive news for the gold market, as more controlled inflation increases the likelihood of the Fed easing policies and cutting interest rates.

Although gold prices have moved away from the psychological level of USD 2,400, they remain in a bullish zone. The current temporary decline in gold prices presents an opportunity for investors to increase their asset value.

Time to Invest in Gold, Starting from Just IDR 5,000

Daily fluctuations in gold prices should not be a concern. Over the long term, gold prices are expected to increase annually. Ideally, gold should be used for medium- to long-term investment.

So, don’t hesitate to start investing in gold. Now, you can buy gold easily and affordably, starting from IDR 5,000 on Treasury!

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

Treasury is also a member of ICDX, a clearing institution and futures exchange supervised by BAPPEBTI. So, you need not 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 storage and transfer of gold, and many other special promotions and prizes.

Even with digital gold savings, you can still print your gold savings into physical gold, coins, or jewelry, as Treasury also partners with PT. Antam and UBS.

What are you waiting for? Start your gold investment now for better financial health in the present and future!