not the price

Jakarta, CNBC Indonesia – Global gold prices rose sharply this week after going through a week full of volatility. This increase was the first after two consecutive weeks of decline.

On the last trading day, Friday (10/5/2024), the spot gold price rose 0.61% to US $2,360.14 per troy ounce. Meanwhile, the week’s performance rose 2.55%.

An increase in gold purchases largely boosted gold prices, but last week’s jobs data and Thursday’s jobless claims data provided support, said Phillip Streible, chief market strategist at Blue Line Futures.

“Concerns about the employment situation are often the first pull in the economy and could trigger the Fed’s first rate cut,” Streible said.

The Labor Department released initial claims for US unemployment benefits which rose by 22,000 to 231,000 for the week to May 4, 2024. This number was higher than the number of jobless claims in the previous week, which was at 215,000.

This increase in the number of unemployment claims also monitors a reduction in interest rates by the central bank of the United States, The Federal Reserve, or The Fed, at least once this year.

Financial markets expect the US central bank to start tapering interest rate in September.

Lower interest rates generally tend to increase the attractiveness of gold bullion because it is interest free.

Investors are now looking ahead to next week’s US producer price index and consumer price index data, both of which could have a big impact on gold and money

“If we get hot inflation data or even warm inflation data next week, that will kill any idea that the Fed could cut rates as early as September,” said Jim Wyckoff, senior market analyst at Kitco.

Meanwhile, near-record domestic gold prices curbed demand for physical gold in India, the world’s second-largest consumer, during major festivals.

CNBC INDONESIA RESEARCH

(race/breed)

[Gambas:Video CNBC]

Jakarta –

It is expected that gold prices will continue to rise significantly. Domestically, the price of gold is expected to reach IDR 1.4 million per gram in late April and May. Therefore, people are advised not to sell gold until the right time.

The director of PT Laba Forexindo Berjangka, Ibrahim Assuaibi, explained that the conflict between Iran and Israel caused gold prices and oil prices to skyrocket. He expects that the global gold price could reach $ 2,500 per troy ounce or Rp.

“If you calculate to grams, divide it by 31.1 troy ounces to grams, multiply it by the rupiah which is around IDR 16,100, plus costs and taxes IDR 100,000, the amount, if not I’m not wrong, about 1.4 million. per gram detikcomSaturday (20/4/2024).

Ibrahim advised investors not to sell gold immediately amid the ongoing upward trend in prices. According to him, the best time to sell gold is when the product reaches its highest price, which is US$ 2,500 per troy ounce.

“I’m optimistic that 2,500 per ounce will happen in April or May. That’s the peak. So be patient and hold on to the gold, hold on,” he said.

At the same time, for new investors, it is recommended not to buy gold now because the purchase price is very expensive. Ibrahim said that gold can be bought when the price of gold is corrected.

“If you buy gold now, you will lose money because the price is too expensive. Later, when the price is corrected, you will buy again. But for those who have the price of gold, it is now is the time to be patient and wait for profit,” he continued.

Three dollars, money market observer Ariston Tjendra, advised investors to refrain from selling gold until the global gold price reaches the range of $2,500 per troy ounce. Because market players are still paying attention to the conflict between Iran and Israel.

“If the reaction gets hotter, the price of gold will still have a chance to rise, perhaps to $2,500 per troy ounce for international gold prices. And the rupiah could weaken again against the US dollar. The price of LM Antam Gold will also rise again, possibly to a range of 1,450 million rupiah per gram,” he said.

On the other hand, he advised people not to buy gold amid the current high prices. For those who already own gold, it is also recommended to hold gold for the long term, or sell it to make a profit.

“We still don’t know if this conflict will last a long time or if it will subside quickly. If it goes down quickly, the price of gold could also drop immediately. So for people who just want to buy, it is better to wait For a better price for those who “You can keep it for a longer period of time or you can also sell it to make a profit,” he concluded.

(fdl/fdl)