Today, Friday (07/26/2024), global gold prices continue the downward trend from yesterday, opening with a slight decline of 0.06% to USD 2,363.11 per troy ounce.
On the previous day, Thursday (07/25/2024), global gold prices closed down by 1.38% at USD 2,364.50 per troy ounce. This marks two consecutive days of decline, totaling a 1.9% drop.
Profit-taking actions remain a significant factor in the ongoing decline in gold prices. The recent high spike in gold prices has led investors to seize the opportunity to lock in profits.
Last week, gold prices hit an All-Time High of USD 2,483.60 per troy ounce, driven by market optimism about potential interest rate cuts by the Fed.
Additionally, the U.S. economy showed strong performance in the second quarter of 2024, surpassing market expectations. Initially, Gross Domestic Product (GDP) was projected to rise to 1.9% from the previous 1.4%.
However, according to the U.S. Department of Commerce, the preliminary GDP report indicates a 2.8% increase for the second quarter of 2024.
Gold Prices Today in Indonesia
In line with global trends, today, Friday (07/26/2024), the purchase price of Antam gold in Indonesia has decreased by IDR 14,000 per gram, from IDR 1,400,000 per gram to IDR 1,386,000 per gram.
Following the drop in the purchase price, Antam's buyback price has also decreased by IDR 14,000, from IDR 1,256,000 per gram to IDR 1,242,000 per gram.
In contrast to the declining trend observed in Antam gold prices and global markets, the gold price at Treasury today, Friday (07/26/2024), has increased to IDR 1,291,141 per gram, up from IDR 1,283,650 per gram.
The buyback price offered by Treasury has also risen by approximately IDR 4,000, from IDR 1,244,747 per gram yesterday to IDR 1,248,943 per gram today.
Future Gold Price Predictions
Bill Dudley, former President of the New York Fed, believes that the Fed should promptly cut interest rates in light of the GDP data released by the U.S. Department of Commerce yesterday.
The GDP data released this week reflects an improving U.S. economy, with actual economic growth significantly surpassing market expectations.
Despite the positive outlook due to continued business investments and rising consumer purchases amid relatively high prices, this data has slightly pressured gold prices.
Investors are uncertain whether the Fed can implement an interest rate cut quickly given the strong and somewhat "hot" U.S. economy.
This skepticism contrasts with Dudley’s optimism, who suggests that the Fed should cut interest rates next week.
According to CME FedWatch data, the probability of a 25 basis point rate cut by the Fed to 5%-5.25% in September has decreased to 88.1% from a previous 90%.
Time to Invest in Gold, Starting from Just IDR 5,000
Daily fluctuations in gold prices should not be a concern. Over the long term, gold prices tend to increase. Ideally, gold is used for medium- to long-term investments.
So, there’s no need to hesitate in starting gold investments. You can now easily and affordably buy gold starting from IDR 5,000 at Treasury!
Treasury is the first licensed digital physical gold trader authorized by 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 and futures exchange institution supervised by BAPPEBTI. Therefore, you don’t need to 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 transfers, and many other special promotions and rewards.
Even though you save gold digitally, you can still print your gold savings into physical gold, coins, or jewelry, as Treasury also collaborates with PT. Antam and UBS.
So, what are you waiting for? Start your gold investment now for better financial security in both the present and future!
