Research & Stock Picks

Company Reports

25 November 2024

By

Gold Weekly (18-22 November 2024): Avg. USD 2,656/oz (+2.8% WoW)

Recent Catalysts Driving the Price

  • In the last five trading days, average gold prices spiked +2.8% WoW to USD 2,656/oz (from USD 2,584/oz), although DXY index inched higher to USD 106.7 (+0.4% WoW). Gold resumed its upward trend on escalating geopolitical tensions between Russia and Ukraine, with US involvement exacerbating the situation.
  • Prices breached USD 2,700 for the first time in two weeks as safe-haven demand outweighed USD strength due to escalation in Russia-Ukraine tensions, highlighted by Ukraine's first long-range missile (supplied by the US) striked on Russian territory. This potential expansion into Russia-US conflict, coupled with reduced expectations of a Fed rate cut in December (53%, down from 82.5%), bolstered short-term safe-haven appeal.
  • We maintain our FY24 gold price estimate at USD 2,400/oz (YTD: USD 2,362/oz), despite the recent revisit to above the USD 2,700/oz level, supported by heated geopolitical tensions. Stock-wise, we retain BRMS as our top pick (TP IDR 500; USD 26.4/ton EV/Reserve FY25F), driven by its robust dore bullion production, strong earnings outlook, and substantial untapped assets potential.

Share This:

harga emas melesat

Download PDF

Download PDF

UPDATE_Gold_Weekly_20241125

Download PDF

UPDATE_Gold_Weekly_20241125

More Related

Economic Reports

Apr 29, 2025

tren harga CPO

Company Reports

Apr 29, 2025

Technical Stock Analysis

Apr 29, 2025

Economic Reports

Apr 29, 2025

Technical Stock Analysis

Apr 28, 2025

Morning Briefs

Apr 28, 2025

Technical Stock Analysis

Apr 25, 2025

Morning Briefs

Apr 25, 2025

Economic Reports

Apr 24, 2025

Technical Stock Analysis

Apr 24, 2025

Morning Briefs

Apr 24, 2025

Economic Reports

Apr 23, 2025

Economic Reports

Apr 23, 2025

Technical Stock Analysis

Apr 23, 2025

Morning Briefs

Apr 23, 2025

Technical Stock Analysis

Apr 22, 2025

Economic Reports

Apr 22, 2025

Economic Reports

Apr 21, 2025

Technical Stock Analysis

Apr 21, 2025

Morning Briefs

Apr 21, 2025

Technical Stock Analysis

Apr 17, 2025

Morning Briefs

Apr 17, 2025

Economic Reports

Apr 16, 2025

Technical Stock Analysis

Apr 16, 2025

Morning Briefs

Apr 16, 2025

Economic Reports

Apr 15, 2025

Technical Stock Analysis

Apr 15, 2025

Economic Reports

Apr 14, 2025

Economic Reports

Apr 14, 2025

Technical Stock Analysis

Apr 14, 2025

Morning Briefs

Apr 14, 2025

Technical Stock Analysis

Apr 11, 2025

Morning Briefs

Apr 11, 2025

Economic Reports

Apr 10, 2025

Morning Briefs

Apr 10, 2025

Economic Reports

Apr 9, 2025

Technical Stock Analysis

Apr 9, 2025

Morning Briefs

Apr 9, 2025

Economic Reports

Apr 8, 2025

Economic Reports

Apr 8, 2025

Morning Briefs

Apr 8, 2025

Technical Stock Analysis

Apr 8, 2025

Morning Briefs

Mar 27, 2025

Technical Stock Analysis

Mar 26, 2025

Morning Briefs

Mar 26, 2025

Economic Reports

Mar 26, 2025

Technical Stock Analysis

Mar 25, 2025

Economic Reports

Mar 24, 2025

Morning Briefs

Mar 24, 2025

Technical Stock Analysis

Mar 24, 2025

Technical Stock Analysis

Mar 21, 2025

Morning Briefs

Mar 21, 2025

Economic Reports

Mar 20, 2025

Technical Stock Analysis

Mar 20, 2025

Morning Briefs

Mar 20, 2025

Economic Reports

Mar 19, 2025

Economic Reports

Mar 19, 2025

Technical Stock Analysis

Mar 19, 2025

Morning Briefs

Mar 19, 2025

Economic Reports

Mar 18, 2025

Technical Stock Analysis

Mar 18, 2025

Economic Reports

Mar 17, 2025

Economic Reports

Mar 17, 2025

Morning Briefs

Mar 17, 2025

Technical Stock Analysis

Mar 17, 2025

Technical Stock Analysis

Mar 14, 2025

Morning Briefs

Mar 14, 2025

Economic Reports

Mar 13, 2025

Technical Stock Analysis

Mar 13, 2025

Morning Briefs

Mar 13, 2025

Economic Reports

Mar 12, 2025

Technical Stock Analysis

Mar 12, 2025

Morning Briefs

Mar 12, 2025

Economic Reports

Mar 11, 2025

Technical Stock Analysis

Mar 11, 2025

Economic Reports

Mar 10, 2025

Morning Briefs

Mar 10, 2025

Technical Stock Analysis

Mar 10, 2025

Morning Briefs

Mar 7, 2025

Technical Stock Analysis

Mar 7, 2025