Gold prices or precious metals are predicted to move within the range\nof Rp 2.7 million to Rp 2.8 million per gram next week. Currency and\ncommodity observer Ibrahim Assuaibi noted that the downward trend in\ngold prices could represent an opportune moment to collect or invest in\nthis safe-haven commodity while prices are relatively low.<\/p>\n
Ibrahim noted that global gold prices closed at $4,538 per troy ounce\non Saturday morning, while local precious metal prices stood at Rp 2.77\nmillion per gram. Technically, if a decline occurs, the first support\nlevel for global gold is at $4,444 per troy ounce, with a second support\nat $4,307 per troy ounce. For local precious metals, the first support\nlevel is at Rp 2.75 million per gram, and the second at Rp 2.69 million\nper gram. Conversely, if prices rise, the first resistance level is\nexpected at Rp 2.79 million per gram, with a second resistance at Rp\n2.88 million per gram. Ibrahim stated that reaching the Rp 2.9 million\nper gram level would likely be very difficult.<\/p>\n
Furthermore, the US Dollar Index is predicted to widen in next week\u2019s\ntrading, with support at 97.30 and resistance at 101.10. Meanwhile,\ncrude oil prices remain strong, with WTI crude oil predicted to have a\nsupport level at $91.60 per barrel and resistance at $110.60 per barrel.\nThis implies that oil prices and the US Dollar Index are likely to\nstrengthen next week, while gold prices are expected to remain\nvolatile.<\/p>\n
Regarding the drivers of these movements, Ibrahim highlighted\ngeopolitical factors, specifically the discussions in China where US\nPresident Donald Trump has sought a mutual agreement to reopen the\nStrait of Hormuz. While Trump claims Chinese President Xi Jinping agrees\nthat Iran must reopen the strait, uncertainty remains regarding whether\nIran will enter a new agreement with the US. Ibrahim noted that if\nconflict between Iran and Israel escalates and the Strait of Hormuz is\nopened, gold prices could strengthen; however, continued US intervention\nor a blockade by Iran could drive prices down.<\/p>\n
Other significant factors include the US-China trade war, which shows\nsigns of easing following meetings between Xi Jinping and Donald Trump,\nwith China agreeing to purchase US agricultural products, oil, and\nBoeing aircraft. Additionally, US Federal Reserve policy under Governor\nKevin Warsh remains a key factor. High inflation in the US, driven by\nrising gasoline and food prices due to ongoing conflicts, has led polls\nto suggest a 60 per cent likelihood of the Federal Reserve raising\ninterest rates this year. While Trump suggests that resolving Middle\nEast conflicts could bring inflation below 2 per cent, the current fear\nof a strengthening US Dollar and rising oil prices may prompt global\ncentral banks to raise interest rates collectively, which could put\ndownward pressure on gold prices.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/gold-prices-predicted-to-fluctuate-between-rp-2-69-2-88-million-is-now-a-good-time-to-buy-1780933603", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }