[ad_1]
ILLUSTRATION. The gold price of Aneka Tambang (Antam) on Friday (10/30) was at the level of Rs 992,000 per gram.
Reporter: Saree by Intan Nirmala | Editor: Wahyu T. Rahmawati
KONTAN.CO.ID – JAKARTA. The uptrend of the Aneka Tambang (Antam) gold bullion price is believed to still follow the long-term world gold price. However, in the short term, Global Kapital Investama analyst Alwi Assegaf predicts that prices will follow their trend. bearish.
Quoting the Precious Metals page, the Aneka Tambang (Antam) gold price on Friday (10/30) was at Rs 992,000 per gram, Rs 3,000 per gram less than the day before. Regarding the price repurchase It is at the level of 884,000 IDR per gram.
“This year, the increase in the price of gold from Antam is not bad, so it is natural that there are many profit taking. “Taking action on this has caused prices to fall, offset by unfavorable sentiments towards gold,” Alwi told Kontan.co.id on Friday (10/30).
Another cause of the drop in gold prices was the strengthening of the dollar index amid growing uncertainty about the stimulus from the United States (US). Alwi admitted that there were concerns that the stimulus would not be published until the elections were over. This condition certainly adds to concerns and encourages investors to insure their assets for Safe haven like the US dollar and the Japanese yen.
Read also: The price of gold is down, investors should wait and see
Additionally, Covid-19 cases in American and European friends also saw an increase again. In fact, several countries in Europe such as Germany and France are re-implementing it emergency shutdown. As a result, instead of saving gold, people prefer to secure portions cash they looked at the US dollar.
Reflecting on these conditions, Alwi believes that emergency shutdown it will again hamper the global economic recovery process. This is also reflected in the fall of the stock markets of some of these countries in recent days.
To cover losses margin call, investors sold their assets, including gold, and pushed world gold prices below $ 1,900 a troi ounce. “But if at the end of the year the United States changes its president and releases the stimulus, it will give a positive sentiment to the price of gold,” Alwi said.
Read also: The fate of the precious metal depends on the results of the US presidential election next week.
Although it has the potential to rise again, Alwi predicts that the national price of gold bullion will not be able to penetrate the highest level this year. This is because competition with high-risk assets, such as stocks, can discourage public interest in collecting gold.
“Especially if there is positive news regarding vaccines, it will add to the positive sentiment for assets risk in and also gold. Meanwhile, the prestige of the US dollar will be tenuous, “he added.
Until the end of the year, Alwi estimates that gold pressure will continue at this level support for US $ 1,760 per troi ounce, with Antam’s gold price in the range of Rp 885,000 per gram. The momentum, according to Alwi, can be used by investors to make purchases at low prices or buy into weakness.
Meanwhile, in the long term, the price of Logam Mulia gold is believed to be still trending. bullish, with a range support for to IDR 886,000 per gram to IDR 842,000 per gram next year. While for resistance potentially return to IDR 1,056,000 per gram.
Read also: Again, Antam’s gold price is at Rp 992,000 per gram today (10/30)
DONATION, Get Free Vouchers!
As an expression of appreciation for your attention, there are free gift vouchers that can be used to shop at the KONTAN store.
