Yesterday, Wednesday (07/17/2024), gold prices closed lower by 0.41% at USD 2,458.39 per troy ounce, after reaching a record high of USD 2,468.63 per troy ounce at the opening of trading.
Today, Thursday (07/18/2024), gold prices opened with a positive correction of 0.1% at USD 2,460.61. Despite the overall upward trend in gold prices, the decline at yesterday's market close was influenced by profit-taking.
According to David Meger, Director of Investments and Trading at High Ridge Futures, several factors influencing the rise in gold prices this week include decreasing yields and a weakening dollar index.
This coincides with the anticipated interest rate cuts by the Fed, expected in September. Due to inflation approaching the Fed's target, there is speculation that interest rates may be cut twice this year.
Fed official Christopher Waller, in an interview with Bloomberg News, stated, "If the latest data remains consistent, we are heading towards a soft landing. Although we are not there yet, I believe that interest rate cuts are getting closer."
Waller's statement aligns with remarks by Powell earlier this week, suggesting that U.S. inflation is under control and providing positive news for the gold market.
Gold Prices Today in Indonesia
Despite the decline in global gold prices at yesterday's market close, today, the buying price of Antam gold in Indonesia has risen, surpassing the record high set yesterday at IDR 1,420,000 per gram.
Today, Thursday (07/18/2024), the gold price increased by IDR 7,000 to IDR 1,427,000 per gram. The buyback price followed with an increase to IDR 1,290,000 per gram from the previous IDR 1,287,000 per gram, a rise of IDR 3,000.
The increase in gold prices in Indonesia is also influenced by the global gold market's growing optimism regarding the Fed's interest rate policy for the end of the year.
On Treasury's platform, gold buying prices reflect global market dynamics, as on Wednesday (07/17/2024), the buying price closed lower at IDR 1,320,000 per gram.
Today, Thursday (07/18/2024), the gold buying price offered by Treasury strengthened by approximately IDR 10,000 to IDR 1,330,589 per gram as of 15:00 WIB.
The buyback price offered is IDR 1,285,226 per gram, up from the previous IDR 1,282,819 per gram. Based on this data, Treasury's spread is IDR 45,000 per gram.
Future Gold Price Predictions
Currently, the U.S. economic condition is improving due to easing inflation, as some government data shows declines in several sectors.
This is prompting the central bank to consider easing monetary policy by cutting interest rates. The rate cuts result in lower yields and a weakening dollar index.
This condition is favorable for the gold market as gold does not offer yields, making it an attractive investment for greater returns.
The significant rise in gold prices this week is seen as excessive by 26% of respondents in the latest Bank of America Fund Manager Survey. This increase has made gold the highest-valued metal commodity in the past four years.
Nonetheless, some analysts predict that this rise could be even greater, potentially increasing by 25% to 50% in the coming years.
Current market sentiment for gold is also improving due to statements from several Fed officials indicating that interest rate cuts are nearing.
CME FedWatch predicts that the probability of a 25 bps rate cut to 5%-5.25% by the Fed in September has risen to 95.9%.
The likelihood of a second rate cut in November remains the same as the previous day at 61%.
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 annually. Ideally, gold is used for medium- to long-term investments.
So, there is no need to hesitate to start investing in gold. Now, you can buy gold easily and affordably, starting from IDR 5,000 on 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 user transaction safety.
Treasury is also a member of ICDX, a clearing and futures exchange institution regulated by BAPPEBTI. Therefore, you need not worry about the legality and security 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 gifts.
Even if you save gold digitally, you can still print your gold savings into physical gold, coins, or jewelry as Treasury also partners with PT Antam and UBS.
So, what are you waiting for? Start your gold investment now for better financial prospects today and in the future!
