As the weekend approached on Friday (July 19, 2024), global gold prices opened with a negative correction of 0.01%, after a previous decline of 0.55%, closing at USD 2,444.97 per troy ounce on Thursday (July 18, 2024).
By the end of trading on Friday (July 19, 2024), gold prices had dropped by 1.89% to USD 2,395 per troy ounce, falling from the psychological level of USD 2,400.
This decline has occurred for two consecutive days after gold prices hit an all-time high of USD 2,468.57 per troy ounce on Tuesday (July 16, 2024).
The decrease is attributed to profit taking by investors, who sold their gold assets to capitalize on the high price differential between buying and selling.
Increased gold sales in the market and reduced demand due to rising prices have led to a correction in gold prices. This is a common occurrence in the gold market when prices experience significant surges.
Gold Prices Today in Indonesia
Similarly, gold prices in Indonesia also experienced a decline at the weekend. On Friday (July 19, 2024), Antam gold prices fell by IDR 8,000 from IDR 1,427,000 per gram to IDR 1,419,000 per gram.
On Saturday (July 20, 2024), gold prices in Indonesia dropped further by IDR 15,000 to IDR 1,404,000 per gram, and remained stable until today, Sunday (July 21, 2024).
The decrease in gold buying prices was accompanied by a decline in the selling price, which fell by IDR 21,000 to IDR 1,269,000 per gram on Friday (July 19, 2024).
On Saturday (July 20, 2024), the buyback price dropped by IDR 12,000 to IDR 1,257,000 per gram.
Despite the global trend of falling gold prices, Treasury’s website showed a slight increase in gold buying prices.
On Friday (July 19, 2024), gold prices did decrease from IDR 1,322,260 per gram to IDR 1,295,427 per gram.
However, on Saturday (July 20, 2024), gold prices slightly increased by around IDR 1,000 to IDR 1,296,503 per gram.
The significant decline in gold prices in Indonesia after reaching a peak is attributed to profit taking, similar to the global trend.
Future Gold Price Predictions
Despite the recent significant fluctuations in gold prices, analysts remain optimistic that gold will continue to perform well in the coming months.
This optimism is driven by positive market sentiment regarding gold, largely due to the increasing likelihood of a Federal Reserve interest rate cut later this year.
Russell Shor, a senior market specialist, noted that precious metal investments are expected to remain profitable in the long term as inflation becomes more controlled.
Technically, gold prices remain in a bullish zone as the Relative Strength Index (RSI) is above 50, currently at 63.86.
The CME FedWatch also supports the view that the gold market will strengthen, with a 98% probability of a 25 basis point rate cut by the Fed in September.
Time to Invest in Gold, Starting from Just IDR 5,000
Daily fluctuations in gold prices need not concern you. Over time, gold prices typically rise 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 easily and affordably buy gold, starting from IDR 5,000 at Treasury!
Treasury is the first licensed BAPPEBTI digital physical gold trader. Digital transactions are secure 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. 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% p.a., FREE storage and transfer of gold, and many other special promotions and prizes.
Even with digital gold savings, you can still convert your gold savings into physical gold, coins, or jewelry, as Treasury also partners with PT. Antam and UBS.
What are you waiting for? Start your gold investment now for better financial stability now and in the future!
