Research & Stock Picks

Company Reports

19 August 2024

By

Gold Weekly (19 August 2024): USD 2,470/Oz (+2.6% WoW)

Recent Catalysts Driving the Price

  • Between 12-16 August 2024, average gold price rose +2.6% WoW to USD 2,470/oz from USD 2,409, while the DXY index was down -0.3% WoW.
  • Investors were increasingly confident that the Fed will soon begin cutting interest rates, with markets pricing in 25 bps cut at the central bank’s next meeting, largely driven by recent economic data showing weakening U.S. housing data and labor market conditions.
  • The Reserve Bank of India booked its largest monthly gold purchases in nearly two years in June, providing additional support towards gold. Central banks' continued interest in gold underscores its importance as a key asset in global reserves; we retain our FY24 gold price estimate at USD 2,500/oz (YTD: USD 2,245/oz).
  • Additionally, the upcoming U.S. elections and the U.S. fiscal deficit could serve as positive catalysts for gold in 2H24. Finally, potential Fed rate cut in months ahead could also further raise gold prices. We maintain MDKA as our top pick with TP of IDR 3,300 based on FY24 EV/EBITDA of 12.2x.

Share This:

Download PDF

Download PDF

UPDATE_Gold_Weekly_20240819

Download PDF

UPDATE_Gold_Weekly_20240819

More Related

Economic Reports

Oct 15, 2024

laba astra

Company Reports

Oct 15, 2024

Economic Reports

Oct 15, 2024

Technical Stock Analysis

Oct 14, 2024

Morning Briefs

Oct 14, 2024

Economic Reports

Oct 11, 2024

Technical Stock Analysis

Oct 11, 2024

Morning Briefs

Oct 11, 2024

Economic Reports

Oct 10, 2024

Morning Briefs

Oct 10, 2024

Technical Stock Analysis

Oct 10, 2024

Economic Reports

Oct 9, 2024

Technical Stock Analysis

Oct 9, 2024

Morning Briefs

Oct 9, 2024

Economic Reports

Oct 8, 2024

Technical Stock Analysis

Oct 8, 2024

Morning Briefs

Oct 7, 2024

Technical Stock Analysis

Oct 7, 2024

Economic Reports

Oct 4, 2024

Technical Stock Analysis

Oct 4, 2024

inflasi tahunan indonesia

Morning Briefs

Oct 4, 2024

Technical Stock Analysis

Oct 3, 2024

Morning Briefs

Oct 3, 2024

Economic Reports

Oct 2, 2024

Technical Stock Analysis

Oct 2, 2024

Morning Briefs

Oct 2, 2024

Economic Reports

Oct 1, 2024

bank jago

Company Reports

Oct 1, 2024

laba bank bmri

Company Reports

Oct 1, 2024

Economic Reports

Oct 1, 2024

Economic Reports

Oct 1, 2024

Technical Stock Analysis

Oct 1, 2024

Economic Reports

Sep 30, 2024

Technical Stock Analysis

Sep 30, 2024

Morning Briefs

Sep 30, 2024

Technical Stock Analysis

Sep 27, 2024

Economic Reports

Sep 27, 2024

Morning Briefs

Sep 27, 2024

Technical Stock Analysis

Sep 26, 2024

Morning Briefs

Sep 26, 2024

Economic Reports

Sep 25, 2024

Morning Briefs

Sep 25, 2024

Technical Stock Analysis

Sep 25, 2024

Technical Stock Analysis

Sep 24, 2024

Economic Reports

Sep 24, 2024

Economic Reports

Sep 23, 2024

Technical Stock Analysis

Sep 23, 2024

Morning Briefs

Sep 23, 2024

peluang aces ditengah gejolak ekonomi

Company Reports

Sep 20, 2024

Technical Stock Analysis

Sep 20, 2024

Economic Reports

Sep 20, 2024

Morning Briefs

Sep 20, 2024

Economic Reports

Sep 19, 2024

Morning Briefs

Sep 19, 2024

Economic Reports

Sep 18, 2024

Economic Reports

Sep 18, 2024

Morning Briefs

Sep 18, 2024

Technical Stock Analysis

Sep 18, 2024

Economic Reports

Sep 17, 2024

Technical Stock Analysis

Sep 17, 2024

Technical Stock Analysis

Sep 13, 2024

Morning Briefs

Sep 13, 2024

laba astra

Company Reports

Sep 12, 2024

Economic Reports

Sep 12, 2024