Jakarta, CNBC Indonesia – The world gold price traded slightly higher on Thursday morning trade yesterday (12/8/2021) which indicates the price of this precious metal is starting to rise from the red zone.
Data from Refinitiv noted, on Thursday (12/8/2021) at 07:16 WIB, the world gold price on the spot market was recorded at IS$ 1,752.67/troy ounce, up 0.06% from the previous year.
In trading last Wednesday, the price of gold also jumped 1.32% after the previous price had fallen more than 4% in just 4 days.
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Photo: World Gold Price, Thursday 12 August 2021 World Gold Price, Thursday 12 August 2021- – |
Analysts also predict world gold prices can still rise again. Wang Tao, Reuters Commodity Analyst, said that investors may set a target at US$ 1.768/troy ounce. Meanwhile, the support level (lower resistance limit) will be in the range of US$ 1,748-1,728/troy ounce.
However, Wang said that in the near future, the risk of a correction still haunts the gold price. He estimates that the gold price will slowly fall to the range of US$ 1,687-1,704/troy ounce.
“Signals in that direction are not complete, but it is possible that gold prices could fall to US $ 1,664/troy ounce,” he said, quoted by Reuters.
Meanwhile, the resistance point (upper resistance limit) for the gold price is estimated at US$ 1,748/troy ounce. A break of this point will push the price up towards US$ 1,768/troy ounce.
However, Wang warned that the current price increase was only a consolidation phase. After the consolidation is complete, investors need to be prepared because the price of gold could decline. Worst case scenario, the price may touch $1,520/troy ounce.
 Photo: Gold Price Prediction, 12 August 2021, ReutersGold Price Prediction, August 12, 2021, Reuters- – |
Emas Antam
Domestically, the price of gold bullion produced by PT Aneka Tambang (Antam) Tbk rose again on Thursday’s trading yesterday (12/8/2021). This time the increase was more than last Tuesday. Thus, Antam’s gold price is now further away from the lowest level in the last 7 weeks touched earlier this week.
According to data from PT Antam’s official website, Logammulia.com, the price of gold bullion on Thursday increased by Rp. 7,000/gram. For units of 1 gram, it is sold for Rp. 932,000/stem or an increase of 0.76%.
PT Antam sells gold bars from 0.5 grams to 1,000 grams. However, the selling price does not include 0.9% tax for purchases without using a Taxpayer Identification Number (NPWP), and 0.45% with a TIN.
Antam’s gold price hike on Thursday was triggered by the strengthening of world gold prices on the previous Wednesday.
According to Refinitiv data, world gold rose 1.32% to US$ 1,751.56/troy ounce. The increase was triggered by the release of inflation data from the United States (US) which was lower than predicted.
Inflation as seen from the consumer price index (CPI) in July grew 0.5% from the previous month (month-to-month/MtM), more in line with Reuters’ prediction. Meanwhile, compared to the previous year (year-on-year/YoY), inflation grew 5.4%.
Meanwhile core inflation grew by 0.3% MtM, lower than the predicted 0.4% MtM. On an annual basis, core inflation grew 4.3%.
With inflation lower than predicted, speculation that the US central bank (The Fed) will taper this year has slightly dimmed. The rate of increase in inflation is starting to slow down in line with the Fed’s projections if the high inflation is only temporary.
“Inflation data that is in line with the Fed’s projections makes them more wait and see, and wait for further data releases,” said Philip Streible, chief strategist at Blue Line Futures, as reported by CNBC International, Wednesday (11/8/2021). .
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