After experiencing a decline, today, Wednesday (07/10/2024), global gold prices have corrected upward by approximately 0.06% to USD 2,364.98 per troy ounce.
Yesterday, gold prices initially fell drastically by more than 1% at the market opening, reaching USD 2,359.33 per troy ounce.
However, by the end of the day, gold prices closed higher by 0.2% at USD 2,363.58 per troy ounce, recovering from the drop experienced earlier.
This increase coincided with a statement from Jerome Powell, Chairman of the Federal Reserve, during a meeting with the U.S. Senate Committee on Banking, Housing, and Urban Affairs on Tuesday.
Powell stated that the high interest rates set by the Fed have impacted the slow growth of the economy.
He also mentioned that recent monetary data has consistently shown a decline in inflation towards the Fed's 2% target.
Currently, the Fed's interest rate stands at 5.25%-5.5%, the highest level in 23 years, and has been maintained for one year.
According to government data, U.S. inflation fell by 0.1% year-on-year from 3.4% to 3.3% in June 2024.
The core PCE inflation rate decreased by 0.2% year-on-year, from 2.8% in May to 2.6% in June 2024.
Gold Prices Today in Indonesia
Unlike global gold prices, which are rising due to positive news from the Fed, today, gold prices in Indonesia have dropped significantly by IDR 9,000.
On Tuesday (07/09/2024), the price of Antam gold in Indonesia was IDR 1,389,000 per gram, after falling from its historic high of IDR 1,396,000 per gram on Monday (07/08/2024).
Today, Wednesday (07/10/2024), Antam gold prices in Indonesia stand at IDR 1,380,000 per gram. This decline may be attributed to profit-taking actions taken when gold prices were at their peak.
The buyback price for Antam gold also decreased by IDR 4,000, from IDR 1,249,000 per gram to IDR 1,245,000 per gram.
On Treasury's platform, gold prices today, Wednesday (07/10/2024), at 09:00 WIB, are observed to have increased by IDR 7,000, from IDR 1,277,306 per gram to IDR 1,284,526 per gram.
The buyback price remains the same as the previous day, at IDR 1,238,812 per gram, resulting in a spread of approximately IDR 46,000.
Forecast for Future Gold Prices
Following Jerome Powell's statement at the Senate Committee meeting, the gold market is highly optimistic.
Powell revealed that delaying interest rate cuts could pose risks affecting U.S. economic growth, and he is preparing to implement such policies as soon as possible.
Although Powell agrees that the U.S. economy is beginning to "cool," he is not yet ready to speculate on the direction of benchmark interest rates.
Currently, CME FedWatch predicts a 71% chance of a 25 bps rate cut to 5%-5.25% in September.
This prediction is accompanied by expectations for a second rate cut in December, with the probability increasing from 47.1% to 47.6%.
A predicted rate cut in September would weaken yields and boost global gold prices.
Time to Invest in Gold, Starting from Just IDR 5,000
Daily fluctuations in gold prices should not worry you. Over time, gold prices generally increase annually. Ideally, gold should be used for medium- to long-term investments.
So there's no need to hesitate in starting your gold investment. Now, you can easily and affordably buy gold starting from IDR 5,000 at Treasury!
Treasury is the first licensed digital physical gold trader under BAPPEBTI. Digital transactions are secure, as Treasury is registered with KOMINFO and partners with ICH to ensure user transaction security.
Treasury is also a member of ICDX, a clearing institution and futures exchange supervised 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 rates up to 9% p.a., FREE gold storage and transfer, and many other special promotions and gifts.
Even with digital gold savings, you can still print 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 health in the present and future!
