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Company Reports

04 November 2024

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Gold Weekly (04 November 2024): USD 2,757/oz (+0.9% WoW)

Recent Catalysts Driving the Price

  • Between 28 Oct – 01 Nov 2024, average gold prices slightly increased +0.9% WoW to USD 2,757/oz (from USD 2,734/oz), while the DXY index remained flat (+0.01% WoW). Gold prices gained steam in the middle of the week with solid momentum, consolidating recent gains.
  • Mixed polling data prompted investors across major asset classes to adopt risk-off stance amid rising uncertainty ahead of US federal elections (5 November) and FOMC meeting (7 November). With the typically strong US dollar caught in geopolitical turmoil, gold emerged as the favored safe-haven asset and hedging instrument.
  • We maintain our FY24 gold price estimate at USD 2,400/oz (YTD: USD 2,342/oz) on the back of its strong price levels. Stock-wise, we retain BRMS as our top pick (TP IDR 500; USD 26.6/ton EV/Reserve FY24F) due to its robust dore bullion production, strong earnings outlook, and significant untapped assets potential.

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