After starting the week strong, gold prices ended tragically on Monday (07/08/2024) with a decline of 1.37%, closing at USD 2,358.79 per troy ounce.

This drop has reversed the consecutive increases seen from Wednesday to Friday of the previous week, which amounted to a 2.7% gain over the week.

Today, Tuesday (07/09/2024), gold prices opened with a slight increase of 0.02%, reaching USD 2,359.33 per troy ounce.

The significant drop in gold prices today is attributed to profit-taking actions by investors as gold prices peaked.

Profit-taking involves selling assets to realize gains from the difference between buying and selling prices. This strategy is commonly known as taking profits.

Additionally, the drop in gold prices is influenced by the strengthening stock market, which has made investors more confident in reallocating their assets to what they perceive as safer instruments.

Bob Haberkorn, a senior market strategist, stated that profit-taking and the strengthening equities pose competitive factors for precious metals.

Gold Prices Today in Indonesia

Today, Tuesday (07/09/2024), the price of Antam gold in Indonesia has dropped by IDR 7,000 to IDR 1,389,000 per gram, down from IDR 1,396,000 per gram.

Yesterday's gold price set a new record, marking the highest price ever. However, today, Antam gold prices in Indonesia have followed the global trend of drastic decline.

The buyback price of Antam gold has also decreased by IDR 13,000, from IDR 1,262,000 per gram to IDR 1,249,000 per gram.

On the Treasury platform, the buy price of gold has increased by approximately IDR 5,000, from IDR 1,275,890 per gram to IDR 1,280,484 per gram.

The buyback price offered by Treasury is IDR 1,238,280 per gram, resulting in a spread of IDR 42,000.

Based on current gold prices, the spread offered by Antam is IDR 140,000, an increase of IDR 6,000 from Monday's spread.

The spread represents the difference between the selling and buying prices of gold, which determines the risk associated with your chosen gold investment. A lower spread reduces investment risk and protects against drastic value declines.

Forecast for Future Gold Prices

The dramatic rise in gold prices is often followed by collective profit-taking by investors to secure substantial gains.

However, according to Bob Haberkorn, senior market strategist, gold prices are expected to recover due to the increasing likelihood of an interest rate cut by the Fed in September.

Haberkorn also predicts a potential follow-up rate cut in December.

According to CME FedWatch, the probability of a 25 basis point rate cut in September is 69.7%, with a 47.1% chance for a cut in December.

Market and investor attention this week will be focused on statements from Jerome Powell, Chairman of the Fed, during the semiannual Congressional testimony, and U.S. inflation data to be released on Thursday.

Furthermore, comments from Fed officials are anticipated to bring positive news for precious metals over the coming week.

Time to Invest in Gold: Start with Just IDR 5,000

Daily fluctuations in gold prices shouldn't worry you. Over time, gold prices are expected to rise cumulatively each year. Ideally, gold should be used for medium- to long-term investment.

So, there's no need to hesitate in starting your gold investment. Now, you can buy gold easily and affordably, starting from IDR 5,000 at Treasury!

Treasury is the first licensed BAPPEBTI physical digital gold trader. Digital transactions are securely guaranteed, as Treasury is registered with KOMINFO and partners with ICH to ensure transaction security.

Treasury is also a member of ICDX, a clearing house and futures exchange regulated by BAPPEBTI. Therefore, 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 gold storage and transfers, and many other special promotions and gifts.

Even if you save gold digitally, you can still convert your gold savings into physical gold, coins, or jewelry, as Treasury collaborates with PT. Antam and UBS.

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