Home » Business » Last week it took 3% more, now is it time to smack gold?

Last week it took 3% more, now is it time to smack gold?

Jakarta, CNBC IndonesiaThe world gold price dropped more than 3% last week due to news of the corona vaccine from Pfizer.

However, the sharp decline of 4.6% actually only occurred on Monday (9/11/2020) last week, the rest of the gold price began to stabilize, and slowly began to rise again.

The pharmaceutical company from the US, Pfizer, in collaboration with BioNTech from Germany, announced last Monday that its raw vaccine was effective at warding off diseases caused by the corona virus (Covid-19) by up to 90% without dangerous side effects.


Vaccines can make life return to normal, business wheels spin, and the world economy revives. So that gold, which is a safe haven asset, becomes less attractive, market players are chasing risky assets that provide high yields.

However, analysts still have not changed the projection of world gold prices going up again in the future. If world gold prices accelerate, Antam’s gold price will certainly strengthen again.

Even the results of the survey conducted Kitco against analysts and market participants show outlook bullish (uptrend) for gold this week.

Kitco conducted a survey of 17 analysts on Wall Street last week, and 10 or 59% of them gave a bullish outlook. Meanwhile, a survey conducted on the market or the so-called Main street also shows the same thing. Of the 1,511 respondents, 6% predict gold will rise this week.

Philip Streible, head of market strategy at Blue Line Futures, is one of the analysts who are bullish on gold. According to him, the spread of the corona virus in the United States (US) which has surged recently is the reason gold is predicted to rise again this week.

“The case of Covid-19 is on the rise, so the government’s expectations of more stimulus will increase again. I think gold if the price of gold goes back to above US $ 1,900 / troy ounce, investors will be relieved, and we will see the momentum of gold strengthening again, “said Streible as reported by Kitco, Friday (11/13/2020).

The world gold price has indeed strengthened again today, Monday (16/11/2020), approaching the level of US $ 1,900 / troy ounce. Launching Refinitiv data, at 16:38 WIB, gold was traded in the range of US $ 1,893.4 / troy ounce, up 0.24% in the spot market.

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