Last Friday (08/09/2024), gold prices closed up by 0.17% to USD 2,430.92 per troy ounce, marking a two-day consecutive increase after a five-day decline.
Today, Monday (08/12/2024), the global gold price opened with a slight correction of 0.09% compared to the previous week’s close, standing at USD 2,428.4 per troy ounce.
This week, several U.S. government data releases, including consumer inflation and core consumer inflation, are expected to influence gold price movements.
According to Trading Economics consensus forecasts, U.S. consumer inflation is expected to decrease by 0.1% from the previous 3% year-on-year to 2.9% for July 2024.
Core monthly inflation in the U.S. is also predicted to drop to 3.2% year-on-year, down 0.1% from the previous 3.3% year-on-year.
Gold Price Today in Indonesia
Today, Monday (08/12/2024), the buy price of Antam gold in Indonesia remains unchanged from the previous week’s close at IDR 1,401,000 per gram.
Similarly, the buyback price of Antam gold remains at IDR 1,253,000 per gram, unchanged from Saturday’s (08/10/2024) trading close. This buyback price has decreased by IDR 6,000 compared to Friday (08/09/2024).
On the Treasury platform, the buy price of gold today, Monday (08/12/2024), shows a slight increase of around IDR 2,000 to IDR 1,293,080 per gram as of 11:00 WIB.
Last week, Friday (08/09/2024), Treasury gold closed at IDR 1,292,999 per gram, with a slight increase on Saturday (08/10/2024) to IDR 1,293,909 per gram.
The buyback price offered by Treasury has also increased to IDR 1,250,626 per gram, up about IDR 3,000 from the previous IDR 1,247,065 per gram on Friday (08/09/2024).
Gold Price Forecast
If the inflation data to be released this week aligns with predictions, the likelihood of the Fed cutting interest rates in September will increase. This data will serve as a benchmark for the Fed’s policy decisions.
Ole Hansen, Head of Commodity Strategy at Saxo Bank, believes that gold remains a positive asset diversification during market shocks. If the Fed lowers interest rates in September, Hansen predicts investors will return to gold.
Additionally, bestselling financial author Robert Kiyosaki predicts gold will surpass USD 3,300 per troy ounce if Donald Trump wins the U.S. presidential election. He argues that Trump’s election would weaken the dollar index, boosting U.S. exports, creating more jobs, and driving up gold prices.
Currently, gold is technically in a bullish zone, with the Relative Strength Index (RSI) at 55.76, above 50, and the Stochastic RSI at 62.49.
According to CME FedWatch, the probability of the Fed cutting interest rates by 25 bps to 5%-5.25% in September is 53.5%, while the chance of a 50 bps cut is 46.5%.
Gold Price Summary for Last Week
Last week was a challenging period for all investment instruments. On Monday (08/05/2024), stock markets and other assets, including gold, experienced a sharp decline.
Concerns about a recession led gold prices to open lower at USD 2,434.45 per troy ounce, down 0.35% from the previous week’s trading. This decline continued for five days, reaching USD 2,381.53 per troy ounce on Wednesday (08/07/2024).
However, on Thursday (08/08/2024), gold prices reversed their downward trend, opening with a positive correction of 0.05% at USD 2,382.76 per troy ounce and closing up 1.9% at USD 2,426.74 per ounce. Over the past week, global gold prices have fallen by 0.5%.
Similarly, Antam gold prices in Indonesia declined. The buy price opened lower by IDR 8,000 from IDR 1,428,000 per gram on Monday (08/05/2024) to IDR 1,420,000 per gram.
This decline continued until Wednesday (08/07/2024), with gold prices falling to IDR 1,399,000, dropping below the psychological level of IDR 1,400,000 per gram. On Thursday of the previous week, gold prices remained stagnant, with a rise occurring only on Friday (08/09/2024).
Last Friday, gold prices rebounded with a rise of IDR 10,000 to IDR 1,409,000 per gram before falling again on Saturday (08/10/2024) to IDR 1,401,000 per gram.
Time to Invest in Gold, Starting from Just IDR 5,000
Daily fluctuations in gold prices shouldn’t worry you. Over time, gold prices tend to rise. Ideally, gold should be used for medium to long-term investments.
So, there’s no need to hesitate to start investing in gold. You can now buy gold easily and affordably, starting from IDR 5,000 at Treasury!
Treasury is the first licensed digital physical gold trader by BAPPEBTI. Transactions are securely guaranteed as Treasury is registered with KOMINFO and partnered with ICH to ensure user transaction security.
