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The price of gold goes down, investors should be wait and see

ILLUSTRATION. An employee shows gold coins at the Pegadaian Makassar office, South Sulawesi, Thursday (15/10/2020). BETWEEN PHOTOS / Abriawan Abhe / hp.

Reporter: Intan Nirmala Sari | Editor: Tendi Mahadi

KONTAN.CO.ID – JAKARTA. Selection wait and see In response to the current decline in gold prices of precious metals, it is considered to be the most appropriate choice in the midst of high uncertainty. Moreover, the President Director of HFX International Sutopo Widodo assessed that there are still many sentiments that will be of concern in the future.

Quoting the precious metals page, Aneka Tambang (Antam) ‘s gold price on Friday (10/30) was at Rp 992,000 per gram, down Rp 3,000 per gram from the previous day. As for the price buyback is at the level of IDR 884,000 per gram.

Sutopo advised investors to wait and see first before buying or selling gold. This was done while waiting for the certainty of the presidential election in the United States (US) which will be held next week.

Also Read: The fate of the precious metal depends on the results of the US presidential election next week

“It is possible that Antam’s physical gold price will still move in the range of Rp. 975,000 per gram to Rp. 1,000,000 per gram until the US election is over,” Sutopo predicted to Kontan, Friday (10/30).

Meanwhile, the current decline in world gold prices was triggered by a strengthening US dollar. As is known, gold price movements are inversely proportional to the US dollar. This means that when the US dollar strengthens against other currencies, the price of gold is depressed because it becomes more expensive for holders of other currencies.

At the same time, investors who hold gold and buy it when the price is lower can take advantage of the increase in the US dollar to realize profits or profit taking.

Also Read: Gold prices this afternoon at Pegadaian, Friday, 30 October 2020

On the other hand, the spike in cases of Covid-19 infection in North America and the Continent of Europe made financial markets drop significantly. Stocks fell, while negative sentiment rose.

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