Today, Friday (08/16/2024), global gold prices increased by 0.05% at the opening of the market, reaching USD 2,457.26 per troy ounce. Previously, on Thursday (08/15/2024), gold prices had closed with a 0.36% increase at USD 2,456.1 per troy ounce.
Two days earlier, gold prices had declined by 1% amid escalating geopolitical tensions in the Middle East. However, the price remains higher than last Friday’s closing price of USD 2,430.93 per troy ounce on August 9, 2024.
Today’s increase in gold prices is driven by rising demand as lower prices attract investors to add to their assets, a phenomenon known as bargain buying.
This week, U.S. retail sales reported a significant 1% month-to-month increase for July. This marks the highest rise since January this year, far outpacing the 0.2% growth seen in June.
Additionally, the U.S. Department of Labor reported that unemployment benefit claims fell by 7,000 to 227,000 compared to the previous week, marking a consecutive two-week decline.
These indicators of a strengthening U.S. economy diminish fears of a recession. However, this data is not entirely favorable for the gold market, as it may lead the Federal Reserve to reduce the size of its expected interest rate cut in September.
Gold Prices in Indonesia Today
Contrary to the global gold market, which is showing signs of recovery, gold prices in Indonesia have declined. Today, Friday (08/16/2024), Antam’s gold buy price in Indonesia dropped by IDR 10,000 from IDR 1,414,000 per gram to IDR 1,404,000 per gram.
Antam’s buyback price also decreased by the same amount, falling to IDR 1,250,000 per gram from the previous IDR 1,260,000 per gram.
This drop in prices may be influenced by a limited supply of Antam’s gold at several outlets. Antam has indicated that certain gold bar denominations, ranging from 1 gram to 1000 grams, are currently in short supply.
Meanwhile, on the Treasury platform, gold prices have followed the global trend. Today, Friday (08/16/2024), Treasury’s gold buy price increased by approximately IDR 8,000 to IDR 1,299,534 per gram as of 08:00 WIB.
On Thursday (08/15/2024), Treasury’s gold price had closed lower at IDR 1,291,492 per gram. The buyback price offered by Treasury also increased in line with the buy price, reaching IDR 1,261,725 per gram.
Gold Price Predictions
Current U.S. economic data reflects strength, dispelling earlier recession concerns. This situation may result in the Federal Reserve opting for a modest 25 basis point rate cut.
However, two Federal Reserve officials have endorsed the planned rate cut for September. A rate cut would be positive for the gold market, as gold does not yield interest, making it an attractive investment option.
Jeffrey Christian, Managing Partner at CPM Group, believes gold prices will remain positive due to ongoing political uncertainties worldwide. While gold remains a favorable investment, it may still face future volatility.
Market analyst Yeap Jung Rong noted that the predicted rate cut might be less aggressive, prompting investors to take profits amid reports of easing U.S. inflation.
Yeap Jung Rong also suggested that gold could reach new records in the future due to the impact of rate cuts, increased gold reserve demand from central banks, and ongoing geopolitical risks.
It’s Time to Invest in Gold, Starting from IDR 5,000
Don’t worry about daily gold price fluctuations. In the long run, gold prices tend to increase annually. Ideally, gold is best suited for medium to long-term investments.
So, don’t hesitate to start investing in gold. You can now buy gold easily and affordably, starting from just IDR 5,000 on Treasury!
Treasury is the first licensed digital physical gold dealer by BAPPEBTI. Transactions are securely conducted through a platform registered with KOMINFO and partnered with ICH to ensure user transaction safety.
Treasury is also a member of ICDX, a futures exchange clearing institution overseen by BAPPEBTI. So, you don’t need to worry about 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 up to 9% per annum, FREE gold storage and transfers, along with many other promotions and special rewards.
Even though you’re saving gold digitally, you can still convert your gold savings into physical gold, coins, or jewelry, as Treasury also collaborates with PT. Antam and UBS.
What are you waiting for? Start your gold investment now for a better financial future!
