Jakarta, CNBC Indonesia – World gold prices moved lower in today’s trading. On Friday (11/3/2022) at 13:01 WIB, the world gold price on the spot market was at US$ 1,983.13/troy ounce. Weak 0.64% from the previous day.
The correction in gold prices also occurred two days ago, although it had strengthened yesterday. At the close of trading on March 10, 2022, gold prices rose to US$ 1,9,958.59/troy ounce. Slightly up 0.21%.
The decline in gold prices could be because the price of precious metals has risen very high in the last few days. For example, on March 3-8, 2022, the price of gold continued to rise without breaking. During the period, the price rose 6.56% on a point-to-point.
The price of gold may go down, but if it is calculated in a week, the price of gold is still up 0.79% point to point. In the past month, the price is still up 6.78% while during the year the price shot up 14.92%.
Wang Tao, Reuters Market Analyst, estimates that the decline in gold prices will be caused by sharp gains after the price passes the US$1,976/troy ounce point. Gold’s upward trend has reversed and the correction will deepen after touching US$2,069.89/troy ounce. The price of gold will probably go to US $ 1,976 and fall even deeper.
|
Source: Reuters- – |
A break above US$2,008/troy ounce will trigger a price increase to the range of US$2,020-US$2,032. However, it seems that the current price correction will make a point support the price of gold is at US$2,001/troy ounce which if penetrated will make the price fall further towards the range of US$1,925-US$1,959/troy ounce.
CNBC INDONESIA RESEARCH TEAM
(mae / mae)
–
