Today, Monday (July 29, 2024), global gold prices have opened with a significant increase of 0.47% from last week, reaching USD 2,396.7 per troy ounce. Previously, on Friday (July 26, 2024), global gold prices also closed higher by 0.96%, at USD 2,385.58 per troy ounce.
The rise in gold prices at the start of this week is influenced by the release of the Personal Consumption Expenditures (PCE) data from last week, which reflects the economic conditions in the United States through inflation rates.
The core PCE for June was recorded at 0.2%, higher than the 0.1% in May. Although this marks an increase from the previous month, June’s core PCE is the second-lowest rate of 2024. Meanwhile, the year-on-year core PCE for June remained unchanged at 2.6%.
Similarly, the general PCE data showed an increase of 0.1% from the previous month’s 0%. The year-on-year general PCE also flattened from 2.6% in June to 2.5%.
Market analyst Fawad Razaqzada indicated that the PCE data suggests a likely moderation in inflation, which may still allow the Federal Reserve to consider cutting interest rates soon.
The market is currently awaiting statements from Federal Reserve officials at the Federal Open Market Committee (FOMC) meeting scheduled for this week. The outcomes of the FOMC are anticipated to bring positive news and fresh momentum for the gold market.
Gold Prices Today in Indonesia
Following the trend in global gold prices, the purchase price of Antam gold in Indonesia today, Monday (July 29, 2024), has increased by IDR 6,000 from IDR 1,396,000 per gram to IDR 1,402,000 per gram. This rise brings the gold price back above the IDR 1,400,000 per gram level.
The buyback price offered by Antam gold also rose by IDR 6,000 to IDR 1,260,000 per gram, up from IDR 1,254,000 per gram on Saturday (July 27, 2024).
Meanwhile, on the Treasury platform, the purchase price of gold today, Monday (July 29, 2024), opened with an increase of around IDR 6,000 to IDR 1,302,873 per gram as of 08:00 WIB. Previously, on Saturday (July 27, 2024), the purchase price of gold on Treasury was IDR 1,296,332 per gram.
The buyback price offered by Treasury is IDR 1,254,169 per gram as of July 29, 2024. Typically, when gold prices rise, investors may sell some assets to profit from the difference between buying and selling prices, a practice known as profit taking.
Gold Price Predictions
Although gold prices have strengthened at the beginning of this week, they are expected to exhibit fluctuating movements over the coming week, given that the Federal Reserve has yet to determine when interest rate cuts will be implemented.
The PCE data released last week did not have a significant impact on gold prices, despite showing a slowdown in inflation.
The market is awaiting statements from Federal Reserve officials at the Federal Open Market Committee (FOMC) press conference scheduled for Thursday this week. The FOMC is a policy meeting attended by senior officials from the U.S. central bank.
In addition, several other data releases are expected this week, such as manufacturing PMI, non-farm employment data, and the unemployment rate for July 2024.
These data points are anticipated to guide the Federal Reserve in its decision-making, as they reflect the state of the U.S. economy during a specific period.
According to CME FedWatch, the likelihood of the Federal Reserve cutting interest rates by 25 basis points to 5%-5.25% in September is currently at 87.7%.
The probability of further interest rate cuts by the Federal Reserve this year is predicted to occur three times, with the second cut in November expected at 63% and the third in December at 58.7%.
Summary of Last Week’s Gold Prices
At the start of last week, gold prices opened higher at USD 2,410.72 per troy ounce after experiencing a significant decline due to profit taking. The increase in gold prices early in the week was largely influenced by political uncertainty in the United States ahead of the election.
Throughout the week, gold prices saw a notable downward trend on Thursday (July 25, 2024) and overall declined nearly 3%. By the end of the week, global gold prices closed higher by 0.96% at USD 2,386.5 per troy ounce.
Despite closing higher, the overall decrease in gold prices over the week was greater, resulting in a net decline of 0.35% for the week.
In Indonesia, gold prices on Monday (July 22, 2024) opened unchanged from the previous week at IDR 1,404,000 per gram, and this price held steady until the following day, Tuesday (July 23, 2024).
Gold prices in Indonesia reached a weekly high of IDR 1,406,000 per gram on Wednesday (July 24, 2024), and a low of IDR 1,386,000 per gram on Friday (July 26, 2024).
Despite a significant decline towards the end of the week, on Saturday (July 27, 2024), gold prices in Indonesia rebounded, increasing by IDR 10,000 to IDR 1,396,000 per gram.
Time to Invest in Gold, Starting from Just IDR 5,000
Daily fluctuations in gold prices need not worry you. Over time, gold prices generally tend to increase annually. Ideally, gold is used for medium to long-term investments.
So, there’s no need to hesitate in starting your gold investment. Now, you can purchase gold easily and affordably, starting from IDR 5,000 at Treasury!
Treasury is the first licensed digital physical gold trader with BAPPEBTI. Digital transactions are secure as Treasury is registered with KOMINFO and partners with ICH to ensure user transaction security.
Treasury is also a member of ICDX, a clearing institution and futures exchange supervised by BAPPEBTI. So, 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% per annum, FREE gold storage and transfer, and many other promotions and special gifts.
Even with digital gold savings, you can still mint 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 both now and in the years to come
