According to data released by Refinitiv, a global financial market data and infrastructure service provider, the world gold price today, Tuesday (07/16/2024), rose to USD 2,422.04 per troy ounce.
This figure matches the closing price on Monday (07/15/2024), marking an increase of 0.45% from the opening price. This week, gold prices have continued to rise, reaching a historic high.
Previously, gold hit an all-time high (ATH) of USD 2,425.12 per troy ounce on May 20, 2024.
Gold owners are benefiting from increased market expectations of an interest rate cut by the Fed, which is anticipated to occur in September.
Today’s rise in gold prices is influenced by Fed Chair Jerome Powell’s statement that U.S. inflation data shows positive results and is moving towards the set target sustainably.
Additionally, Powell revealed that the Fed has made significant progress in the second quarter. This strengthens the Fed’s confidence in implementing an interest rate cut in the near future.
Gold Prices Today in Indonesia
The price of Antam gold in Indonesia has also reached a new record today, Tuesday (07/16/2024), climbing by Rp 4,000 from Rp 1,399,000 per gram on Monday (07/15/2024) to Rp 1,403,000 per gram.
The increase in gold purchase price today is accompanied by a rise in the selling price by Rp 3,000, from Rp 1,264,000 per gram to Rp 1,267,000 per gram.
Similarly, Treasury gold prices today, Tuesday (07/16/2024), have risen by approximately Rp 2,000, from Rp 1,309,436 per gram to Rp 1,311,627 per gram as of 10:00 AM WIB.
The selling price offered by Treasury is Rp 1,268,321 per gram, up by Rp 12,000 from the previous day, resulting in a spread of Rp 43,000.
Today’s significant rise in gold prices in Indonesia is influenced by global price dynamics, driven by market optimism regarding the Fed’s interest rate cut in September.
Future Gold Price Predictions
At the Economic Club, Fed Chair Jerome Powell provided a positive signal to the gold market. In an interview with David Rubenstein, Powell stated that economic data for the second quarter is more reassuring.
Powell mentioned that inflation is moving towards the 2% target previously set by the Fed. Data released by the U.S. Department of Labor also shows the expected decline.
According to senior market analyst Jim Wyckoff, gold prices are expected to continue rising towards higher levels and may set new records in the coming weeks.
Currently, CME FedWatch estimates a 92% chance of a 25 bps interest rate cut by the Fed to 5%-5.25% in September. This figure has significantly increased from the previous weekend.
Time to Invest in Gold, Starting from Just Rp 5,000
Daily fluctuations in gold prices should not concern you. Over time, gold prices generally increase every year. Ideally, gold is used for medium- to long-term investments.
So, don’t 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 and partners with ICH for transaction security.
Treasury is also a member of ICDX, a clearing and futures exchange institution 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 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 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!
