This morning, global gold prices opened lower. As of 6:00 AM WIB on Monday, October 28, 2024, gold prices dropped 0.5% to USD 2,733.02 per troy ounce. This decline occurred amidst escalating conflict in the Middle East, which typically boosts gold prices due to its role as a safe-haven asset.
Reports indicate that on Saturday, October 26, 2024, Israel conducted an airstrike on Iran, with explosions audible in and around Iran's capital. Additionally, Israel faces ongoing tensions with Hezbollah in southern Lebanon, raising global concerns that the conflict may intensify.
Alongside geopolitical tensions, political uncertainty surrounding the U.S. presidential election between Donald Trump and Kamala Harris has fueled demand for gold as a safe haven.
Gold Prices in Indonesia Today
After closing at a record high of IDR 1,534,000 per gram last week, Antam's gold price in Indonesia fell by IDR 7,000 to IDR 1,527,000 per gram on Monday, October 28, 2024. This early-week drop may result from profit-taking after recent price increases.
Antam's buyback price also decreased by IDR 7,000, from IDR 1,384,000 per gram to IDR 1,377,000 per gram.
Likewise, the gold prices set by Treasury decreased by about IDR 4,000 compared to last week's closing price. At 11:00 AM WIB, Treasury's gold purchase price was IDR 1,432,208 per gram. Despite declining purchase prices, Treasury's buyback price is competitively set at IDR 1,384,517 per gram.
Article Recommendations: Time to Add to Your Assets! Gold Prices Drop Overnight: Thursday, October 24, 2024 – Treasury
Future Gold Price Predictions
Although gold prices were correct at the start of this week, senior market strategist Bob Haberkorn expects that the ongoing Israel-Iran conflict may support them. Investors generally seek safe assets like gold during geopolitical tensions.
The upcoming U.S. presidential election on November 5 also remains a significant factor affecting gold prices as investors shift assets to stable investments to avoid potential political volatility.
Current technical analysis shows gold's Relative Strength Index (RSI) at 80.24, indicating a bullish trend and overbought conditions. The Stochastic RSI is at 90.19, reinforcing the overbought signal. If external factors, such as political uncertainty and global conflicts, do not drive gold prices higher, they may experience a slight correction to USD 2,718-2,673 per troy ounce.
Weekly Gold Price Summary
Last week, global gold prices rose substantially, setting a new record. On Monday, October 21, 2024, gold opened at USD 2,723.44 per troy ounce, a 0.12% increase from the previous close. That same day, prices reached another high of USD 2,740.37 per troy ounce.
On Tuesday, October 22, 2024, prices soared further, closing 1.06% higher at a record USD 2,748.38 per troy ounce. After reaching an all-time high, prices corrected to USD 2,735.7 per troy ounce on Thursday, October 24, 2024.
In Indonesia, gold prices saw considerable volatility. On Monday, October 21, 2024, gold opened steady at IDR 1,514,000 per gram. The next day, Antam's gold price dropped by IDR 4,000 to IDR 1,510,000 per gram. On Wednesday, October 23, 2024, it climbed to IDR 1,521,000 per gram and, after a brief dip to IDR 1,515,000, reached a high of IDR 1,529,000 per gram mid-day Thursday.
It's Time to Invest in Gold – Starting from Just IDR 5,000
Daily fluctuations in gold prices needn't be a concern for investors, as gold appreciates annually. Gold is ideal for medium- to long-term investments.
With Treasury, you can conveniently invest in gold from just IDR 5,000. As the first licensed digital physical gold dealer registered with BAPPEBTI and KOMINFO and partnered with ICH, Treasury ensures safe transactions.
Treasury offers unique features, including Jamimas (gold loans), Panen Emas with up to 9% p.a. interest, free gold storage and transfers, and various special promotions.
