This morning, Friday (08/09/2024), global gold prices saw a slight correction of 0.12% to USD 2,423.74 per troy ounce. Previously, after experiencing a decline for five consecutive days, gold prices ended up strengthening on Thursday (08/08/2024) by 1.9%, reaching USD 2,426.74 per ounce.
Over the past five days, gold prices had decreased by a total of 2.7% due to a strengthening dollar index and high yields. However, today, gold prices reversed this downward trend due to increased demand from investors seeking a safe haven.
Amid current global political and economic uncertainties, gold remains a highly stable investment choice for preserving asset value. Earlier this week, concerns about a U.S. recession led to a sharp decline in the stock market and panic among investors.
Additionally, tensions between Middle Eastern countries have not yet eased, with continued movement restrictions and anticipation of retaliatory attacks related to ongoing conflicts.
Today’s increase in gold prices is also influenced by market optimism regarding the Fed’s potential interest rate cut in September. Despite anticipated volatility in gold prices, Alex Ebkarian, Head of Operations at Allegiance Gold, believes that gold continues to have strong prospects.
Gold Prices Today in Indonesia
The rise in global gold prices is also reflected in the buying price of Antam gold in Indonesia. Today, Friday (09/08/2024), the price of gold in Indonesia has increased by Rp 10,000 from Rp 1,399,000 per gram to Rp 1,409,000 per gram.
Gold prices in Indonesia have returned to above the psychological level of Rp 1,400,000 per gram. Not only has the buying price increased, but the buyback price offered by Antam gold has also risen by Rp 13,000.
On Thursday (08/08/2024), the buyback price offered by Antam gold was Rp 1,246,000 per gram, and today it has increased to Rp 1,259,000 per gram.
The same trend is observed on the Treasury platform. The buying price of gold today has increased by approximately Rp 4,000 from the previous closing price. On Thursday (08/08/2024), Treasury gold was priced at Rp 1,286,062 per gram, and today, Friday (09/08/2024), it is at Rp 1,290,021 per gram as of 09:00 WIB.
Unlike the slight increase in the buying price, the buyback price of gold on Treasury has experienced a significant rise of about Rp 20,000, from Rp 1,226,238 per gram to Rp 1,247,065 per gram.
In addition to global gold prices, today’s increase in gold prices in Indonesia is also influenced by investors returning to gold as an asset due to the previous day’s price drop, a phenomenon known as bargain buying. Increased demand for gold has driven prices up today.
Future Gold Price Predictions
Technical analysis indicates that gold prices have returned to a bullish zone after previously falling into a bearish zone. The Relative Strength Index (RSI) for gold is currently above 50, at 55.43, and the Stochastic RSI indicator is at 60.27.
The rise in gold prices has been accompanied by a return to normalcy in other asset values. The calming economic conditions have allowed the market to be more optimistic about the Fed’s interest rate cut prediction for September.
Currently, the chance of a 50 bps rate cut is estimated at 72% according to CME FedWatch, compared to the previous market prediction of a 25 bps cut.
Time to Invest in Gold, Starting from Just Rp 5,000
Daily fluctuations in gold prices should not be a cause for concern. Accumulated over time, gold prices are expected to rise each year. Ideally, gold is used for medium- to long-term investment.
So, there is no need to hesitate to start investing in gold. Now, you can buy gold easily and affordably, starting from Rp 5,000 at Treasury!
Treasury is the first licensed digital physical gold trader by BAPPEBTI. Digital transactions are secure as Treasury is registered with KOMINFO, partners with ICH, and is a member of ICDX.
You need not worry about the legality and security of investing in gold at Treasury. Why wait? Start your safe, easy, and profitable long-term gold investment now at Treasury!
