Yesterday, on Monday (August 5, 2024), global gold prices closed lower by 1.46% at USD 2,407.64 per troy ounce. This morning, gold showed signs of recovery with a slight increase of 0.06% to USD 2,409.04 per troy ounce.
This decline has been ongoing since last week, lasting for three consecutive days with a total decrease of 1.63%. Global gold prices even reached USD 2,364.19 per troy ounce, nearly touching the lowest daily average value.
Today’s drop in gold prices follows various declines in other investment instruments due to strong recession concerns among investors. According to Jim Wycoff, an analyst from Kitco Metals, investors are currently feeling panicked and pressured, leading them to sell off various assets, including gold.
The recession fears stem from slowing employment data, which is significantly below market predictions. The U.S. stock market has also been impacted, experiencing a downturn over the past two days.
Another factor affecting the gold market is the sentiment regarding the Federal Reserve’s interest rate cut predictions. The market is concerned that the Fed may delay easing monetary policy amid increasing financial market uncertainty.
Gold Prices Today in Indonesia
In Indonesia, the purchase price of Antam gold has also decreased by IDR 7,000, from IDR 1,420,000 per gram to IDR 1,413,000 per gram as of Tuesday (August 6, 2024).
The buyback price of Antam gold in Indonesia has also fallen by IDR 7,000, from IDR 1,273,000 per gram to IDR 1,266,000 per gram.
The decline in gold prices in Indonesia today is influenced by the global gold price trend, which has been decreasing for the past three days. Not only gold prices, but stock markets in various countries also experienced significant declines simultaneously yesterday.
In contrast to the global gold prices and Antam gold prices in Indonesia, the purchase price of gold on the Treasury website has slightly increased from the previous day, closing at IDR 1,296,850 per gram. The gold price today, Tuesday (August 6, 2024), has risen by approximately IDR 2,000 to IDR 1,298,077 per gram as of 11:00 WIB.
However, the buyback price of gold on Treasury has decreased by around IDR 7,000 to IDR 1,255,852 per gram from IDR 1,262,587 per gram on Monday (August 5, 2024).
Future Gold Price Predictions
Based on the CME FedWatch Tool, the likelihood of a 25-50 bps rate cut by the Fed in September is approximately 83%, up from last week.
High recession risks are expected to support higher gold prices as investors turn to safer investment instruments amid economic uncertainty. Gold, as a safe haven, can protect assets from global economic uncertainties.
The market is increasingly urging the Fed to expedite or deepen rate cuts, which would also affect the weakening dollar, thereby boosting gold prices.
Despite the current downtrend, gold analysts remain optimistic that prices could recover to previous highs, having increased by more than 16% over the past year.
Market analyst Han Tan noted that geopolitical tensions and new hopes for Fed rate cuts could support gold strength and potentially set new records once the situation stabilizes.
Time to Invest in Gold, Starting from Just IDR 5,000
Don’t worry about daily fluctuations in gold prices. Over time, gold prices are expected to increase. Ideally, gold is used for medium to long-term investments.
So, there’s no need to hesitate about starting gold investments. You can now easily and affordably purchase gold, starting from IDR 5,000 at Treasury!
Treasury is the first licensed physical digital gold trader by BAPPEBTI. Digital transactions are secure as they are registered with KOMINFO and partnered with ICH to ensure user transaction safety.
Treasury is also a member of ICDX, a clearing institution and futures exchange supervised by BAPPEBTI. Therefore, you need not worry about the legality and safety of investing in gold with Treasury.
Additionally, Treasury offers various attractive features such as Jamimas (gold loans), Panen Emas with interest rates up to 9% p.a., FREE gold storage and transfer, and many other special promotions and rewards.
Even with digital gold savings, you can still convert your gold savings into physical gold, coins, or jewelry, as Treasury collaborates with PT. Antam and UBS.
What are you waiting for? Start your gold investment now for a better financial future today and tomorrow!
