Today, Thursday, October 24, 2024, global gold prices opened slightly higher by 0.01%, reaching USD 2,717.69 per troy ounce after falling by more than 1% in the previous trading session. On Wednesday, October 23, 2024, gold prices closed down by 1.12%, landing at USD 2,717.54 per troy ounce after briefly hitting a record high.
Yesterday, during intraday fluctuations, global gold prices reached a record high of USD 2,758.37 per troy ounce. The rise in the U.S. dollar index and government bond yields caused a drastic overnight drop in gold prices.
The U.S. dollar index hit 104.431 yesterday, marking its highest point in the past four months. Additionally, U.S. 10-year government bond yields rose to 4.21%, the highest since July.
The demand for gold as a safe-haven asset was insufficient to offset the rise in the U.S. dollar index and bond yields. Gold prices had reached record highs earlier in the week due to political uncertainty ahead of the U.S. presidential election.
Additionally, the surge in gold prices this past week was driven by escalating tensions in the Middle East and heightened market expectations of further interest rate cuts. The slowdown in U.S. inflation has fueled optimism that the Federal Reserve may ease monetary policy by the end of the year.
Gold Prices in Indonesia
Following the global trend, Antam gold prices in Indonesia also dropped today. As of Thursday, October 24, 2024, the purchase price of Antam gold fell by IDR 6,000, from IDR 1,521,000 per gram to IDR 1,515,000 per gram. Yesterday's price was the highest in history.
Antam's buyback price dropped by IDR 6,000, from IDR 1,371,000 per gram to IDR 1,365,000 per gram today. The buyback price typically follows the purchase price trend.
Treasury app also observed a similar decline. As of 11:00 AM WIB on Thursday, October 24, 2024, the purchase price of gold in the Treasury app stood at IDR 1,414,244 per gram, a decrease of IDR 8,000 from the previous day's closing price of IDR 1,421,000 per gram.
The drop in the purchase price also impacted the buyback price offered by Treasury. Today, Treasury's buyback price stands at IDR 1,367,915 per gram, resulting in a spread of IDR 47,000. The size of the spread affects the level of risk and potential profit from your investment.
Future Gold Price Predictions
When the U.S. dollar index rises, gold prices increase for holders of currencies other than the dollar, affecting demand for gold. Similarly, when government bond yields are high, investors shift their assets to higher-yielding instruments.
According to senior market strategist Bob Haberkorn, today's drop in gold prices was driven not only by the rise in the U.S. dollar index and bond yields but also by profit-taking activities, where investors sell assets to lock in gains. Yesterday's high gold prices prompted many investors to sell part of their holdings.
However, Haberkorn predicts that gold will break the psychological level of USD 2,800 per troy ounce this week, driven by strong demand for safe-haven assets amid ongoing U.S. presidential election uncertainty.
From a technical analysis perspective, gold's Relative Strength Index (RSI) currently stands at 37.65, below 50, indicating that gold is in a bearish or downward trend. The Stochastic RSI for gold is at 28.33, which signals that gold is in a selling zone.
It's Time to Invest in Gold, Starting from Just IDR 5,000
Daily fluctuations in gold prices should not concern you. Historically, gold prices rise over time, making it an ideal investment for medium- to long-term goals.
There's no need to hesitate! You can now buy gold easily and affordably, starting from just IDR 5,000 through Treasury!
Treasury is Indonesia's first licensed digital gold dealer, registered with BAPPEBTI. All digital transactions are securely registered with KOMINFO, partnered with ICH to ensure user safety.
Treasury is also a member of ICDX, a clearing and futures exchange institution regulated by BAPPEBTI, so you don't need to worry about the legality and safety of investing in gold with Treasury.
Treasury offers exciting 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're saving in digital gold, you can still convert your savings into physical gold, coins, or jewelry, thanks to Treasury's partnerships with PT. Antam and UBS.
What are you waiting for? Start your gold investment now for a brighter financial future!
