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Bisnis.comJAKARTA — The spot gold price experienced a correction in trading early Tuesday morning, (7/11/2023), to the position of US$1,977.68 per troy ounce.

Spot gold prices have experienced a weakening trend since entering November. This is because the gold price parked at US$1,977.68 per troy ounce is the lowest price during the last week.

Even though the price of gold had shot to its highest price position at US$2,002 per troy on when the Israeli and Palestinian conflict escalated.

Previously, according to Deu Calion Futures (DCFX) analyst Andrew Fischer, gold prices were likely to decline in the near future. One of the underlying reasons is investor interest which is starting to shift to other commodities, such as crude oil (WTI).

“Even though the price of gold may experience a decline in the short term, there is the potential for a significant increase in the future,” he said on Monday, March 6 2023. According to him, there are two main factors causing the increase in gold prices, namely First, the expected decline in the value of the US dollar (USD). will last in the long term.

In recent years, we have witnessed a weakening USD, which has affected the gold market positively. “Gold usually has an inverse relationship with the dollar; when the USD weakens, gold prices tend to rise,” he said.

Second, the impact of the potential US Government Shutdown which is predicted to occur this November. Phenomena like this tend to create uncertainty in financial markets and make investors look for safer places to store the value of their assets.

“Gold has long been considered a safe haven amidst uncertainty,” he said. Technically, on September 6 2023, the price of gold is in a downward trend with supply levels ranging from US$1992.52 per troy ounce to US$1995.17 per troy ounce.

17:30 WIB

China Hoards of Gold

China increased its gold holdings for a 12th straight month in October, adding to a wave of buying by global central banks that provided support for bullion prices.

Gold stocks reported by the People’s Bank of China rose by about 740,000 troy ounces in October, according to official data released on Tuesday. That equates to around 23 tonnes, and its total holdings stand at 2,215 tonnes.

China’s government has been one of the biggest hoarders of gold in the past year as countries from Poland to Singapore diversify their financial reserves by adding the precious metal. Central bank purchases increased again in the third quarter to the highest amount this year, according to the World Gold Council.

China has been a bright spot in terms of overall gold demand in 2023, and domestic prices traded at record levels last week. Investment demand for gold will remain strong until the end of this year, the World Gold Council said.

14:16 WIB

Gold Price Forecast

Deu Calion Futures (DCFX) analyst Andrew Fischer said technically, gold prices continued to decline on Monday (7 November) after weakening in the previous trading session on Tuesday (6 November). Spot gold fell again by 0.11% to $1,975.76 per ounce at 07.58 WIB after previously falling by 0.59% in last Monday’s session. Meanwhile, gold futures prices also fell by 0.31% to $1,982.35 after previously experiencing a decline of 0.61% on Monday.

“It should be noted that gold prices have increased by more than 7% during October as tensions in the Middle East drive demand for safe haven assets, including gold,” he said.

11:45 WIB

Gold Prices Trapped in Bearish Trend

Deu Calion Futures (DCFX) analyst, Andrew Fischer, said that world gold prices fundamentally still tend to continue their decline, and the potential for this decline will continue according to the support target that has been determined. “The decline in gold prices is also influenced by the anticipation of Jerome Powell’s speech, who is chairman of the Federal Reserve (The Fed), this week,” he said on Tuesday, November 7 2023.

Andrew said Powell will give a key speech at the Fed event, which has a tendency to make the value of the United States Dollar (USD) tend to strengthen slightly. This is due to the support provided by US bond yields, which in turn can make gold prices tend to fall. “This could mean that the Fed may want to strengthen the value of the USD and try to improve the economy in the United States,” said Andrew.

2023-11-07 09:42:46
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