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24 February 2025

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Gold Weekly (17 – 21 February 2025): Avg. USD 2,928/oz (+0.8% WoW)

Recent Catalysts Driving the Price

  • In the last five trading days, average gold prices edged up +0.8% WoW to USD 2,928/oz (from USD 2,904/oz), still near its all-time-high of USD 2,953/oz, while the DXY Index moved down to USD 106.8 (-0.8% WoW). Gold briefly corrected to USD 2,897/oz, before up-trending again, reaching USD 2,900/oz on Tuesday.
  • Escalating geopolitical tensions, particularly between the US, Ukraine, and Russia, heightened market uncertainty. Sweeping tariffs imposed by President Donald Trump fuelled trade war concerns, driving investors toward safe-haven assets. Additionally, central bank gold purchases remained strong, with PBoC adding 5 tons in January 2025, bringing reserves to 2,285 tons.
  • We retain our FY25 gold price forecast of USD 2,800/oz (YTD: USD 2,785/oz), backed by higher gold demand and unstable global economic outlook. Stock-wise, BRMS remains our top pick (TP IDR 500; USD 26.4/ton EV/Reserve FY25F), thanks to solid earnings outlook and substantial untapped assets potential.

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