Demand Is Still High, Gold Prices Are Predicted To Be More Glitter

Antam Gold Price (Photo: Antara)

JAKARTA - The price of gold has increased again, citing Trading Economics at 15.49 WIB, the price of gold spot is at the level of 2,711.59 US dollars per ounce, an increase of around 34.11 percent when compared to year on year (yoy).

Doo Financial Futures analyst Lukman Leong explained that the recent increase in gold prices is not surprising given the expectations and prospects for global gold prices that remain strong in the future.

"It's not strange because the expectations and prospects for global gold prices are still strong in the future, recent increases reflect the strong demand in the midst of the US dollar itself which is actually still very strong," he told VOI, Friday, January 17.

However, Lukman said that world gold prices have not recorded a record high in the US dollar, Antam's gold price has achieved it, affected by the recent weakening of the rupiah.

Based on the metalmulia.com website, Antam's gold price recorded an increase of around 2.64 percent year to date (ytd) to Rp1,594,000 million per gram as of January 17, 2024.

According to Lukman, the increase in international gold prices in the past week has continued in line with economic data, particularly US inflation data that is lower than expected, affecting the weakening of the US dollar.

Lukman also stated that the high price of gold will not only survive, but is also expected to continue to rise higher in the future.

He added that with the uncertainty surrounding the US dollar and the interest rate policy imposed by Trump, international gold prices are even expected to reach $3.000 this year.

"The international gold price is expected to reach 3000 US dollars this year. If Trump is softer on policy, the price could rise higher," he concluded.