Gold Prices Are Predicted To Reach IDR 1.5 Million Per Gram In 2024

Gold Price (Photo: Antara)

JAKARTA - The gold price movement is predicted to reach IDR 1.5 million per gram in 2024. This was stated by the Senior Vice President Innovation Center of PT Pegadaian Ferry Hariawan.

"Disclaimer yes, we are the sellers, so if I read one analysis from Bareksa, so there are predictions from various investment analysts, it is summarized. It is predicted that the price is that much (IDR 1.5 million per gram). Yes this year," said Ferry quoting Antara.

Ferry explained that there were several sentiments that affected the spike in gold prices going forward.

First, in line with the move by the US Central Bank or the Fed which is predicted to start cutting the benchmark interest rate in the third quarter of 2024, he assesses investors turning to gold as a safe haven.

Then the second sentiment, investors still choose to invest gold in the midst of geopolitical tension that has not subsided.

In addition, continued Ferry, the election of regional heads (Pilkada) in Indonesia and general elections (Pemilu) which are currently taking place in various other countries is also a driving factor for the movement of gold prices.

"The Fed has lowered interest rates in three stages, with the decline in interest rates, people have switched to safe haven, gold. In addition to geopolitical tension, it is now also uncertain. Geopolitics is not only Pilkada, not only in Indonesia, including (Pemilu) in several countries in the world," he explained.

Furthermore, he added that the gold transition as a safe haven asset had also occurred when the COVID-19 pandemic hit several years ago. At that time, gold transactions could penetrate up to 2 tons.

"So if we look at the history, during the pandemic alone the gold sales transaction was during COVID-19, when people could not leave their homes, and when there was a war between Russia and Ukraine, it was a high price of gold. If at 2020 it could reach 2 tons in 2020," said Ferry.

The price of gold bullion for PT Aneka Tambang Tbk (Antam) which was monitored from the Mulia Metal page, Tuesday morning, decreased by IDR 7,000 per gram, bringing it to IDR 1,413,000 per gram.

Previously, the price of gold bullion was at IDR 1,420,000 per gram on Monday (5/8/2024).

Meanwhile, the selling price of gold bullion buyback on Tuesday was IDR 1,266,000 per gram.