Today, global gold prices opened with a slight correction of 0.01%, reaching USD 2,741.37 per troy ounce. Yesterday, the price closed with a slight decrease of 0.21% to USD 2,741.98 per troy ounce. While gold prices have fluctuated, they have maintained close to last week's record highs.
This week, gold prices are being influenced by strengthening the U.S. dollar index and bond yields. Yesterday's price decrease was driven by profit-taking as gold reached its recent peak, with investors selling portions of their holdings to secure profits.
Investors are also awaiting critical U.S. economic data scheduled for release this week. The U.S. Bureau of Economic Analysis will publish the Personal Consumption Expenditure (PCE) inflation data, which could influence future rate cuts by the Federal Reserve. The market expects PCE inflation for September to rise by 0.2% month-to-month, a slight increase from the previous month's 0.1%. Additionally, non-farm employment is anticipated to decline to 140,000 jobs.
Gold Prices in Indonesia Today
Contrary to global prices, gold prices in Indonesia surged to a new record today. On Tuesday, October 29, 2024, the purchase price of Antam gold rose by IDR 8,000 from IDR 1,527,000 per gram to IDR 1,535,000 per gram, marking an all-time high (ATH). The buyback price offered by Antam also increased by IDR 9,000, reaching IDR 1,386,000 per gram.
Similarly, at 10:00 AM WIB, Treasury app gold prices rose by IDR 9,000 to IDR 1,446,000 per gram, achieving a new high. The buyback price on Treasury also climbed to IDR 1,398,571 per gram, providing an attractive selling point for those looking to realize gains on their gold investments.
Article Recommendations: Gold Prices Drop After Record High, Monday, October 28, 2024
Future Gold Price Predictions
According to Daniel Ghali, a commodity strategist at TD Securities, gold may reach USD 2,800 per troy ounce this week, driven by political uncertainty surrounding the U.S. presidential election, leading investors toward safe-haven assets. Rhona O'Connell from StoneX added that gold is currently in a "buy-on-dips" mode, where investors purchase after slight declines from record highs. She believes that the geopolitical risks from the election may not dissipate immediately.
Long-term projections for gold remain strong, bolstered by the Middle East conflict, U.S. presidential election results, and potential Fed rate cuts. CME FedWatch indicates a 96.8% probability of a 25 bps rate cut to 4.5%-4.75% in November, with gold's RSI (Relative Strength Index) at 67.36, signaling bullish momentum.
Start Investing in Gold with as Little as IDR 5,000
Daily gold price fluctuations shouldn't worry investors, as gold appreciates annually. Gold is ideally suited for medium- to long-term investments.
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Treasury's features include Jamimas (gold loans), Panen Emas with up to 9% p.a. interest, free gold storage and transfers, and various exciting promotions.
