newspapermonitor – MEDAN | The world price of gold is literally heading towards the $2,300 per troy ounce mark, in the short term. This week, the price of gold rose to touch $2,072 per troy ounce, although it recently turned down.
The banking crisis in the US and the dovish attitude of the US Central Bank have provided distinct advantages for gold prices recently. On the afternoon of this weekend gold was trading around $2,040 per troy ounce.
“I think the price of gold is still having difficulty breaking the record high, which has never existed before. This has triggered a healthy correction in the price of gold. However, I still see the price of gold still having the opportunity to rise in the future. Moreover, the banking crisis in the US is likely to still take its toll. new. Where many Regional Banks have recently fallen in share prices,” said North Sumatra Economic Observer, Gunawan Benjamin in a written statement, Friday (6/5/2023).
The news, he said, would certainly make gold very attractive and the price would have the opportunity to continue the upward trend. Even though The FED or the US Central Bank also stated their stance not to lower the benchmark interest rate, what the market is currently seeing is the fall in local banks in the US.
The worse the conditions, the more difficult it is expected for The FED to raise its benchmark interest rate, so that opportunities for gold prices to rise are more open.
Meanwhile, Gunawan said, the rupiah currency was traded quite stable, and had not moved much away from trading the previous weekend. Rupiah in today’s trading is around IDR 14,678 per US Dollar. And the Rupiah currency is also relatively not under much pressure, with the policy of increasing the benchmark interest rate by the US Central Bank last Wednesday.
“If you look at the performance of the Rupiah being traded quite stable, then there is a significant increase in the price of gold in rupiah units. Currently the price of gold is being traded at around the level of 965 thousand per gram. What is certain is that the price of gold from the supply side has been traded at above 1 million rupiah per gram,” he said.
However, the difference between gold and rupiah prices, the JCI actually experienced a correction. JCI performance at the weekend closed down 0.82% at the level of 6,787.63. The deteriorating performance of the JCI at the weekend was slightly different from the performance of a number of stock indexes in Asia, some of which were still able to trade in positive territory.KM-red
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