The downward trend in gold prices continues. Today, Wednesday (08/07/2024), global gold prices opened lower by 0.3% at USD 2,382.17 per troy ounce and are trending horizontally. Previously, on Tuesday (08/06/2024), gold prices closed with a significant decline of 0.76%.
The drop in yesterday’s closing prices left gold at USD 2,389.37 per troy ounce. Gold prices have now decreased for four consecutive days, with a total decline of 2.4%.
The weakening of gold prices began after last weekend’s market close. This decline is attributed to the drastic drop in the U.S. Department of Labor data, which did not align with market predictions.
Additionally, at the beginning of last week, recession concerns led to a sharp decline in stock markets. Typically, gold markets benefit in such conditions as demand for gold increases with rising economic uncertainty.
However, according to Amelia Xiao Fu, Head of Commodities Market at BOCI, the anomaly in gold prices is influenced by the strengthening U.S. dollar index. The rising dollar index and yields have made gold less attractive.
Gold Prices Today in Indonesia
The gold market in Indonesia is also reflecting the decline in global gold prices. Today, Wednesday (08/07/2024), the purchase price of Antam gold in Indonesia has dropped by IDR 14,000 from IDR 1,413,000 per gram to IDR 1,399,000 per gram.
The drop in Antam’s purchase price is also accompanied by a more significant decrease in the buyback price, which has fallen by IDR 20,000 from IDR 1,266,000 per gram to IDR 1,246,000 per gram.
At Treasury, the gold purchase price also declined significantly yesterday, Tuesday (08/06/2024), closing at IDR 1,286,000 per gram. Today, Wednesday (08/07/2024), Treasury’s gold price has decreased by around IDR 4,000 to IDR 1,282,140 per gram as of 10:00 WIB.
Similarly, the buyback price at Treasury has decreased by approximately IDR 13,000 from the previous day’s rate of IDR 1,255,852 per gram to IDR 1,241,000 per gram.
Future Gold Price Predictions
Gold prices are still influenced by investor panic from early last week. The decline in various other assets has forced investors to sell gold to cover losses.
Typically, gold prices rise amid increasing economic uncertainty or during recession concerns. Gold serves as a safe haven that can protect asset value.
Amelia Xiao Fu, Head of Commodities Market at BOCI, notes that despite the market anomalies, gold is still supported by positive conditions, and its activity will likely remain within a certain range in the near future.
Currently, gold is in a bearish zone with the Relative Strength Index (RSI) below 50 at 47.17. The Stochastic RSI indicator has dropped to 4.65, well below the 20 mark, indicating oversold conditions.
The above technical analysis suggests a potential rebound in gold prices in the future. Therefore, when gold prices are down, it is advised to increase your gold assets so you can benefit when prices rise.
Time to Invest in Gold, Starting from Just IDR 5,000
Daily fluctuations in gold prices should not be a concern. Over time, gold prices are expected to rise. Ideally, gold should be used for medium to long-term investments.
So, don’t hesitate to start investing in gold. You can now purchase gold easily and affordably, starting from IDR 5,000 at Treasury!
Treasury is the first licensed digital physical gold trader by BAPPEBTI, registered with KOMINFO, and a member of ICDX, ensuring the legality and security of investing in gold with Treasury.
Treasury also offers various attractive features such as Jamimas (gold loans), Panen Emas with interest rates up to 9% p.a., FREE gold storage and transfers, and many other promotions and special rewards.
Even with digital gold savings, you can still convert your gold savings into physical gold, coins, or jewelry as Treasury also partners with PT. Antam and UBS.
What are you waiting for? Start your gold investment now for a better financial future today and tomorrow!
