Gold prices are forecast to move between Rp 2.57 million and Rp 2.8\nmillion per gram next week, according to currency and commodities\nobserver Ibrahim Assuaibi. The prediction comes as the precious metal\ncontinues to fluctuate below the Rp 3 million per gram mark, a trend\nobserved over the past three months. World gold prices closed at 4,119\nUS dollars per troy ounce this week, with domestic prices at Rp 2.65\nmillion per gram. Ibrahim detailed that if a correction occurs, the\nfirst support level for world gold is 4,023 US dollars per troy ounce,\ntranslating to Rp 2.64 million per gram, with a second support at 3,906\nUS dollars per troy ounce, or Rp 2.57 million per gram. Conversely, if\nprices strengthen, the first resistance level is seen at 4,214 US\ndollars per troy ounce (Rp 2.68 million per gram), with a potential peak\nat 4,348 US dollars per troy ounce (Rp 2.8 million per gram).<\/p>\n
In the energy sector, world crude oil prices for West Texas\nIntermediate (WTI) are expected to trade between 62.30 and 82.20 US\ndollars per barrel next week. Ibrahim noted a high probability of a\nprice decline, but warned of a potential sharp rebound. The US dollar\nindex is projected to strengthen, trading in the range of 99.90 to\n102.30. Consequently, the Indonesian rupiah is forecast to weaken,\nmoving between Rp 17,870 and Rp 18,300 per US dollar, which in turn is\nexpected to support higher domestic gold prices.<\/p>\n
Ibrahim identified four key factors driving commodity and currency\nfluctuations: geopolitical tensions, US political developments, US\ncentral bank policy, and supply and demand dynamics. A critical\ngeopolitical development is the escalating conflict in the Middle East,\nwhere Iran\u2019s Islamic Revolutionary Guard Corps Navy has announced the\nindefinite closure of the Strait of Hormuz following US strikes on\nIranian targets. This closure is expected to severely disrupt oil\ntransportation starting Monday. Additionally, ongoing sporadic attacks\nbetween Russia and Ukraine, including Ukrainian strikes on Russian oil\ninstallations, are reducing Russian oil production and are likely to\nfurther bolster crude oil prices.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/gold-prices-predicted-to-range-between-rp-2-57-million-and-rp-2-8-million-per-gram-next-week-1783839075", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }