After reaching a peak last week, global gold prices closed yesterday, Thursday (07/11/2024), at USD 2,414.77 per troy ounce, marking a 1.84% increase and surpassing the previous high set on May 20.
Today, Friday (07/12/2024), gold prices opened with a slight correction of 0.07%, bringing the price to USD 2,413.06 per troy ounce.
The significant rise in gold prices has reached the highest level in the past two months, breaking through the psychological threshold of USD 2,400 per troy ounce.
This increase in gold prices at the spot market closing yesterday was influenced by a decrease in inflation rates, which turned out to be much lower than previously predicted by the market.
On Thursday (07/11/2024), the U.S. Department of Labor announced that the Consumer Price Index (CPI) experienced a 3% year-on-year inflation rate for June.
This figure is lower than market expectations. In May 2024, the CPI was at 3.3%, with the market predicting a decrease of 0.2%.
This decline is the lowest since May 2020, at the beginning of the COVID-19 pandemic. The core inflation rate, excluding food, also fell to 3.3%, the lowest since April 2021.
The decrease in inflation rates has led to lower yields offered by central banks, making them less attractive to investors.
Similarly, the U.S. dollar weakened, benefiting the gold market. Gold, being a non-yielding investment, becomes more appealing to investors.
Gold Prices Today in Indonesia
In line with global gold prices, Antam gold prices in Indonesia today, Friday (07/12/2024), also surged by IDR 13,000 per gram.
Previously, on Thursday (07/11/2024), gold prices were at IDR 1,386,000 per gram, up IDR 6,000 from the previous day. Today, Friday (07/12/2024), the buying price of Antam gold has risen to IDR 1,399,000 per gram.
Today’s gold price sets a new record for the highest gold price in Indonesia, nearly reaching IDR 1,400,000 per gram.
However, unusually, the sell-back price or buyback price has increased more than the buying price by IDR 15,000, from IDR 1,250,000 per gram to IDR 1,265,000 per gram.
On the Treasury platform, the buying price of gold opened stronger at IDR 1,296,170 per gram at 07:00 WIB, up IDR 3,000 from the previous day.
Similarly, the selling or buyback price offered has also increased from IDR 1,242,225 per gram to IDR 1,250,174 per gram.
Future Gold Price Predictions
Following the release of the U.S. inflation data showing a decline, the gold market has enthusiastically welcomed the growing expectations of policy easing by the Fed.
The lower inflation rates have led to reduced yields offered by central banks, also causing a weakening of the U.S. dollar.
These factors are encouraging investors to lean more towards gold due to its stable value and promising prospects. With high demand for gold, market prices are also surging.
Tai Wong, an independent metal trader in New York, has stated that gold prices will continue to rise and are likely to set new records in the coming week.
Jerome Powell, Chairman of the Fed, has also hinted at a potential rate cut decision in the past two days.
Currently, CME FedWatch predicts an 84% chance that the Fed will cut rates by 25 basis points in September.
Time to Invest in Gold, Starting from Just IDR 5,000
Daily fluctuations in gold prices should not worry you. Over time, gold prices tend to increase each year. Ideally, gold is used for medium to long-term investments.
So, there’s no need to hesitate to start investing in gold. Now, you can buy 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, registered with KOMINFO, and partnered with ICH to ensure user transaction safety.
Treasury is also a member of ICDX, a clearing and futures exchange supervised by BAPPEBTI. So, you don’t need to 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 rewards.
Even though you are saving gold digitally, you can still convert 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 better financial security today and in the future!
