Today, Monday (07/22/2024), global gold prices have risen by 0.41% to USD 2,410.72 per troy ounce, recovering from last week’s decline of 1.81%, which closed at USD 2,400.79 per troy ounce.
The decline in gold prices at the end of last week was attributed to profit-taking actions by investors, as gold prices had hit an all-time high of USD 2,468.57 per troy ounce earlier in the week.
The increase in gold prices at the start of this week was influenced by news of Joe Biden’s withdrawal from the U.S. presidential race. This has created political and economic uncertainty, which unsettles investors.
Following the shooting incident involving Donald Trump, also a U.S. presidential candidate, Democratic leaders conducted polls predicting that Biden could not surpass Trump’s popularity.
This uncertainty has driven investors to secure their assets through gold, viewed as a safe investment during global crises.
Biden’s withdrawal strengthens the rumors of Trump’s potential victory in the upcoming election on November 5. This situation is expected to drive efforts to replace the U.S. dollar with other currencies.
In addition to political factors, gold prices have also fluctuate due to economic instability in China. Previously, China’s central bank was the longest-standing gold buyer with high demand for gold over the past 18 months.
Gold Prices Today in Indonesia
Unlike the global gold market, which has rebounded after last week’s drop, the buying price of Antam gold in Indonesia remains stagnant at IDR 1,404,000 per gram as of today, Monday (07/22/2024).
The buyback price has decreased by IDR 1,000 from IDR 1,257,000 per gram to IDR 1,256,000 per gram.
On the Treasury platform, the buying price of gold has increased by approximately IDR 3,000 from IDR 1,296,503 on Saturday (07/20/2024) to IDR 1,299,613 per gram today, Monday (07/22/2024) at 11:00 WIB.
The buyback price offered by Treasury is IDR 1,256,699 per gram, resulting in a spread of IDR 43,000 per gram.
Future Gold Price Predictions
Despite last week’s drop, JP Morgan Research predicts that gold prices will continue to rise and set new records. They estimate that gold prices will surpass the psychological level of USD 2,500 per troy ounce by the end of 2024. This prediction is supported by Gregory Shearer, Head of Base and Precious Metals Strategy at JP Morgan.
Shearer indicated that gold prices are expected to remain high in the coming quarters and could strengthen further to USD 2,600 per troy ounce in 2025.
This prediction is based on the expected moderation of U.S. inflation to 3.5% by the end of 2024, with a further decrease to 2.6% in 2025.
Although Powell has recently signaled a potential interest rate cut at the end of the year, the market will need to monitor the upcoming Personal Consumption Expenditures (PCE) data.
The PCE data, to be released next Friday, is a key consideration for The Fed in setting interest rates. If the data meets expectations, it could be positive news for the gold market.
Currently, according to CME FedWatch predictions, there is a 92.6% chance that The Fed will cut interest rates by 25 basis points in September, with a 63% chance of further cuts in November.
Summary of Last Week’s Gold Prices
Last week, global gold prices opened lower at USD 2,407.15 per troy ounce, following the previous week’s breakthrough of the psychological level of USD 2,400.
On Wednesday (07/17/2024), gold prices reached a record high of USD 2,473.95 per troy ounce, an All Time High (ATH), driven by controlled U.S. inflation rates.
Jerome Powell, Chairman of The Fed, also contributed to the confidence in easing interest rate policies with positive economic statements.
By the end of the week on Friday (07/19/2024), gold prices fell to USD 2,400.79 per troy ounce, marking a weekly decrease of 0.43% due to profit-taking.
In Indonesia, the gold buying price opened at IDR 1,399,000 per gram at the start of the week, slightly down from the previous week’s high of IDR 1,400,000 per gram.
Following the global trend, the buying price of gold in Indonesia surged to a record high of IDR 1,427,000 per gram on Thursday (07/18/2024).
By the end of the week on Saturday (07/20/2024), the gold price in Indonesia weakened and closed at IDR 1,404,000 per gram. The decline in Indonesian gold prices mirrors the global trend, influenced by profit-taking as investors sold off their gold assets to capitalize on the high prices.
Time to Invest in Gold, Starting from Just IDR 5,000
Don’t worry about daily fluctuations in gold prices. Over time, gold prices tend to rise annually. Ideally, gold is used for medium- to long-term investments.
So, don’t hesitate to start investing in gold. You can now purchase gold easily and affordably, starting from just IDR 5,000 at Treasury!
Treasury is the first digital physical gold trader licensed by BAPPEBTI. Its digital transactions are secure, having been registered with KOMINFO and partnered with ICH to ensure user transaction safety.
Treasury is also a member of ICDX, a clearing and futures exchange institution supervised by BAPPEBTI. Therefore, you can be confident in 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 rewards.
Even though you’re saving gold digitally, you can still convert your gold savings into physical gold, coins, or jewelry, as Treasury collaborates with PT. Antam and UBS.
